Electric vehicle maker Ultraviolette Automotive raises funding
CHENNAI : Electric mobility startup Ultraviolette Automotive has raised an undisclosed amount in Series B round from Kumar Vembu, CEO of GoFrugal Technologies.
Ultraviolette Automotive is looking to scale up its operations in the immediate future by expanding the team, investing further in bR&D, and building manufacturing capabilities.
Vembu, who has been an early investor in the company during its Series A funding, joined TVS Motors to support Ultraviolette Automotive in this round. The company raised an investment of around Rs 30 crore from TVS Motors earlier in September as part of the Series B. Chennai-based Speciale Invest is another early investor in the company.
Ultraviolette Automotive is building F77, a high-performance electric motorcycle that has been built indigenously from the ground up with principles used in the aviation industry. The pre-production version of the F77 was unveiled less than a year ago, and the company is now gearing up towards launching the motorcycle in the market.
“Our goal is to help influence our country and in due course of time, the world towards a smarter and more energy efficient future and we will continue to push our boundaries on this front,” Narayan Subramaniam, founder and CEO, Ultraviolette Automotive Pvt Ltd, said.
“As the country moves towards smarter and sustainable transportation solutions, Ultraviolette Automotive is playing a distinct role in shaping the perception of electric vehicles, and consequently driving its adoption in India. The F77 is an evocative and compelling mobility alternative for consumers in India and since the unveiling, the company has made significant progress towards launching the motorcycle in the market,” Kumar Vembu, CEO, GoFrugal Technologies said.
Ultraviolette Automotive said it has significantly invested in battery technology for Indian Conditions. Over the last three years, the company has developed battery packs from scratch, to accommodate highest energy and power density globally and has filed several patents especially on the safety and thermal management aspects, the startup said.
Source : timesofindia
