Ultraviolette raises $21M to accelerate electrification of motorcycles
The funding round was led by the corporate venture arm of Japan’s TDK Corporation. Bengaluru-based Ultraviolette is expanding its distribution network with a presence in 20 Indian cities and a target of reaching 100 cities by year-end.
Indian electric motorcycle manufacturer Ultraviolette Automotive has raised USD 21 million in its latest funding round that saw strategic participation from TDK Ventures, the corporate venture arm of Japanese electronics giant TDK Corporation, according to a media release.
The Bengaluru-based company also received backing from existing investors Zoho Corporation and Lingotto along with other institutional investors.
Ultraviolette is expanding its distribution network with a presence in 20 Indian cities and a target of reaching 100 cities by year-end. The company commenced sales in 10 EU countries earlier this year, the media release said.
“TDK Ventures believes in empowering visionary companies that are driving the next wave of sustainable innovation,” said Nicolas Sauvage, TDK Ventures President. “Ultraviolette exemplifies this with their industry-leading engineering, vertical integration, and a bold vision to reimagine the future of motorcycling and mobility. We are excited to support their journey toward electrifying the world’s largest motorcycle markets.”
“We are thrilled to partner with TDK Ventures at this pivotal moment,” said Ultraviolette CEO Narayan Subramaniam. “Their deep expertise in energy solutions and electronics, along with our shared commitment to sustainable innovation, will play a critical role in helping Ultraviolette scale rapidly both in India and globally. We are also excited to be associated with the renowned ‘TDK Goodness,’ which gives us access to the expertise and knowledge of other segments of TDK Corporation.”
Ultraviolette has already established a manufacturing and assembly unit in Bengaluru, with a capacity of 30,000 units. The company handles everything in-house, such as developing embedded software, battery management systems and motor controllers, according to a report by TechCrunch.
“Through this partnership with TDK Ventures, Ultraviolette will continue to innovate in deep-tech to shape the future of mobility,” said Ultraviolette CTO Niraj Rajmohan. “Together, we will continue to push the boundaries in building safer, smarter and more efficient electric mobility ecosystem.”