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2w ago

Ultraviolette Secures $21M From TDK Ventures to Accelerate Global Expansion

The capital will fund upgrades to battery and intelligent-vehicle systems to underpin its global growth strategy.

Ultraviolette founders
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Ultraviolette said it is now scaling up manufacturing, accelerating research, expanding its distribution network
TDK Ventures Invests in Ultraviolette

Overview

  • Ultraviolette raised $21 million in an all-equity round led by TDK Ventures with continued backing from Qualcomm Ventures, Zoho, Lingotto and TVS Motor Company.
  • The Bengaluru-based EV maker plans to use the funds to accelerate development of battery platforms and intelligent-vehicle systems.
  • The company aims to quadruple its dealer network in Europe and initiate pilot launches in Latin America and Southeast Asia.
  • Ultraviolette intends to expand its product line to 14 electric two-wheeler models by early 2027 and increase its Bengaluru production capacity from 30,000 to 60,000 units.
  • Having sold around 3,000 motorcycles to date, Ultraviolette projects up to 10,000 sales by year-end and targets more than $50 million in revenue for the financial year.