Bengaluru-based EV startup Ultraviolette Automotive has raised ₹6 crores ($862,000) in series A funding from TVS Motor Company. The funds raised will be used to expand the core R&D team, along with further developing the product.
This latest investment brings TVS’s stake in Ultraviolette Automotive to 25.76%, according to a stock exchange filing. Earlier in 2017, TVS had grabbed 14.78% stake in the startup for ₹5 crores ($700,000). While the total funding the startup has touched nearly $2.5 million, as revealed by the startup.
Ultraviolette was founded by Niraj Rajmohan and Narayan Subramaniam in 2016. It aims to create sustainable urban transportation driven by clean energy. It is focused on building electric vehicles to enable a clean transportation ecosystem. The startup plans to launch its first two-wheeler by the end of 2019.
Talking about the investment, K Gopaladesikan, CFO, TVS Motor Company, said, “As a responsible manufacturer, we see immense promise in Ultraviolette Automotive’s vision. It has made significant progress in their product engineering in a short span of time and we are confident that they will build a product that will pave the way for electric mobility in the country.”
The startup has a team of 45 members from aviation, automotive, and consumer electronics background and are focused on developing electric motorcycles embedded with smart features like onboard diagnostics, preventive maintenance, over the air upgrades, and ride customization.
Although the EV market in India is yet to take off in a big way, with a global focus on a sustainable and clean ecosystem, transportation is expected to play a big role as it is one of the biggest contributors of pollution throughout the world. With the government focusing on creating a cleaner world, driven by clean energy, transportation is expected to get a further push to drive the much-needed innovation in the country.
Apart from a government push, there are other startups already working on electric vehicles including Bengaluru-based Ather Energy, Emflux Motors, Emotion Motors, along with some established automobile makers like Mahindra, TATA Motors, among others.