• Ultraviolette Automotive is raising ₹32.6 crore in an extended Series E1 round, valuing the company at ₹2,887 crore.
  • The startup reported increased revenue but widened losses in FY24, with 543 vehicles sold in FY25 so far.
  • Ultraviolette plans to expand its product range and retail presence in India and Europe.

Bengaluru-based electric bike manufacturer Ultraviolette Automotive is set to raise ₹32.6 crore ($3.85 million) in an extended Series E1 funding round led by Winever Industrial Enterprises and Dilip Anand Swadi, with participation from Breathe Capital and others.

This extension follows last December’s ₹130 crore round led by Zoho Corporation. The new investment values Ultraviolette at Rs 2,887 crore (approximately $340 million) post-allotment.

Founded in 2016, Ultraviolette focuses on clean energy mobility and currently offers four electric bike variants: F77 Mach 2, F77 SuperStreet, Tesseract, and Shockwave.

Despite its innovative lineup, the company reported a loss of Rs 61.6 crore for FY24, even as operating revenue rose to ₹15 crore from ₹8.7 crore in FY23.

Ultraviolette sold 543 vehicles in FY25 so far, with 86 units sold in April, while lead investor TVS Motor dominated India’s E2W market in April with a 22% share.

Ultraviolette has raised about $79 million to date from investors including TVS Motors, Mudhal Partners, and Zoho Corporation.

The company is now focused on scaling up sales, expanding its product lineup, and establishing a broader retail presence in India and Europe.

Edited by Annette George