Ultraviolette Automotive Private Limited, a Bangalore-based electric vehicle (EVs) startup, announced that it had secured ₹300 million (~$4.08 million) from TVS Motor Company in a Series B funding round.
TVS Motor Company’s stake in Ultraviolette Automotive Private Limited now stands at 29.48% with this investment.
The electric vehicle startup presented the pre-production version of its first electric motorcycle – the F77 – back in November 2019. The company is expected to launch the electric motorcycle commercially in several phases in 2021.
“We see rapid growth in the Indian two-wheeler industry with a special focus on the electric vehicles, and it is in this context we set out to create a high-performance electric motorcycle,” said Narayan Subramaniam, Founder and Chief Executive Officer of Ultraviolette Automotive Private Limited.
“We have conducted track and road tests on the motorcycle, adjusting and modifying the specifications and have built out a robust technology platform to support enhanced user experience,” he added.
According to Ultraviolette, the F77 is equipped with three lithium-ion battery packs with a total capacity of 4.2 kWh and a regenerative braking system. Regenerative braking uses kinetic energy, which is usually lost during braking, to provide additional power to the electric motor. The motorcycle also has other features like multiple ride modes, ride diagnostics, among others.
The Ministry of Road Transport and Highway (MORTH) recently announced that all the states and union territories had now been allowed the registration and sale of EVs without pre-fitted batteries. The move could provide a boost for the wider adoption of EVs across the country.
In May 2020, Euler Motors, a New Delhi-based electric vehicle manufacturer, announced that it had raised ₹200 million (~$2.66 million) as part of its ongoing Series A funding led by Inventus Capital India, a Bengaluru-based venture capital firm.
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