Post allotment, TVS will have 33.95 percent stake in the company and 2.46 percent will be held by Zoho Corporation
Electric two-wheeler company Ultraviolette Automotive has secured Rs 112 crore in its latest round of Series C funding from TVS Motor Company and Zoho Corporation.
Ultraviolette, which is setting-up its manufacturing and assembling facility in Electronics City, Bengaluru, will utilise this investment towards the production and commercial launch of its high-performance electric motorcycle, the F77, and will roll out the first batch of motorcycles in the first half of 2022.
TVS, which has been an early backer of Ultraviolette, has led the investment in this round. TVS has pumped in Rs 75 crore, Sridhar Vembu led Zoho has infused Rs 38 crore in the current round.
Post allotment, TVS will have 33.95 percent stake in the company and 2.46 percent will be held by Zoho Corporation.
“EVs are a huge focus area for us and we have invested in this area for over a decade. TVS is committed to developing exciting and aspirational products and we have always believed that EV development has to be ground-up for us to make that quantum leap into the global EV revolution,” TVS Motor Company Joint Managing Director Sudarshan Venu noted.
Ultraviolette brings these values to life in a unique way in the F77, and the company is excited to support this, he added.
“We are delighted that we chose to partner with them at an early stage, and I am confident that Ultraviolette’s EV line-up will see rapid adoption across the country and the world,” Venu stated.
This investment from TVS Motor Company and ZOHO Corp. is a validation of the company’s endeavour to redefine the future of mobility,” Ultraviolette Automotive Founder and CEO Narayan Subramaniam stated.