[Update] Ultraviolette Raises $85 Mn To Scale EV Production

Update | September 23, 13:10 IST

Electric two-wheeler startup Ultraviolette Automotive has raised $85 Mn (about ₹813 Cr) in a Series E round co-led by Yali Capital and TDK Ventures. Intel CEO Lip-Bu Tan and other investors also participated in the round.

Cofounder and CEO Narayan Subramaniam told Inc42 that the startup would use the capital to expand its manufacturing capacity and product portfolio, as well as strengthen its distribution network in India and overseas. 

“We are looking to enter new markets, including the US, Latin America, and Southeast Asia. The idea behind the fundraise is to cover all these different areas. To begin with, it is going into facility expansion, where Tesseract will now see a rapid ramp-up as well,” he said.

Subramaniam said Ultraviolette expects to begin production of its Tesseract electric scooter and Shockwave electric motorcycle over the next few months.

Both products have missed their original delivery schedule. When Ultraviolette unveiled them in March 2025, it said deliveries would begin in Q1 FY26. Neither has entered customer deliveries yet.

Ultraviolette’s website now says the Tesseract’s final variants and configurations will be unveiled in Q1 2027, with deliveries commencing shortly thereafter. The startup has not disclosed a revised delivery timeline for the Shockwave.

While India’s E2W market is dominated by relatively affordable scooters, Ultraviolette is positioning the Tesseract as a performance-focused offering.

The startup claims that the Tesseract is India’s first scooter built on a 100-volt architecture, compared with the 48-volt systems commonly used in the segment. According to the startup, the architecture offers greater power and efficiency, as well as faster charging.

Meanwhile, cofounder and CTO Niraj Rajmohan said Ultraviolette’s revenue grew around fourfold to about ₹130 Cr in FY26 from approximately ₹30 Cr in FY25.

The startup is yet to file its audited FY26 financial statements. In FY25, its operating revenue jumped 114% YoY to ₹32.3 Cr, while its net loss widened 89% to ₹116.3 Cr.

Original | September 11, 14:16 IST

Electric two-wheeler (E2W) maker Ultraviolette Automotive is set to raise an additional ₹373.04 Cr as part of its ongoing Series E funding round from investors Yali Capital, TDK Ventures, among others.

As per an MCA filings accessed by Inc42, Ultraviolette’s shareholders consented to allot on preferential basis through private placement 8.15 Lakh Series E3 compulsorily convertible preference shares (CCPS) worth ₹2,435 each, aggregating to ₹197.5 Cr. The startup also allotted 7.24 Lakh Series E4 CCPS, netting ₹175.5 Cr.

“The investments are part of a currently ongoing fundraise; we have nothing further to add at the moment,” the startup said in response to Inc42’s questions pertaining to the round.

Of this, Ultraviolette has raised ₹249.2 Cr from Yali Capital’s Yali Deeptech Fund I as well as TDK Ventures. TDK Ventures first backed the startup in August 2025 when it led its $21 Mn funding round while Yali Capital will be new to Ultraviolette’s cap table.

There are a host of angel investors participating in this round including, Adi Hirji Jehangir, Anshumi Desai, Janak Desai, Mahak Khabia, Zafar Ahmadullah, among others.

The investment comes almost a year after the startup raised $45 Mn as part of the Series E round from Zoho and Lingotto. Overall, the startup has raised more than $135 Mn till date from other investors like TVS Motors, Qualcomm Ventures, Breathe Capital and Mudhal Partners.

The new investment comes as the E2W manufacturer is building its manufacturing facility, the BIGGA factory. 

Ultraviolette To Invest ₹1,000 Cr In Manufacturing 

The E2W maker is investing more than ₹1,000 Cr over the next five years to expand its manufacturing footprint, with its upcoming BIGGA Factory set to take its annual production capacity to as much as 2.5 Lakh vehicles in the initial phase.

The startup intends to invest approximately ₹800 Cr in the new facility, while another ₹200 Cr is being deployed to expand its existing Bengaluru plant. The new facility will initially have an annual capacity of 2.5 Lakh vehicles, which can eventually be scaled to 5 Lakh vehicles, cofounders Narayan Subramaniam and Niraj Rajmohan told Inc42.

The capacity expansion comes as Ultraviolette looks to move beyond its initial premium, performance-led positioning and target larger segments of the E2W market with new products such as the Shockwave and Tesseract.

However, the startup said the strategy itself has not changed.

“Ultraviolette was conceived from the outset as an electric-vehicle platform company,” the founders said, highlighting that the F77 was the first expression of this approach, followed by the X-47 crossover. The upcoming products, they said, will allow the company to address “significantly larger customer segments” while retaining its focus on technology, safety, performance and range.

The cofounders claim that demand across its existing portfolio already exceeds 10,000 units a month, while it has received tens of thousands of bookings for upcoming products. It plans to commission capacity progressively in line with demand.

Ultraviolette currently has an installed capacity of around 30,000 vehicles annually at its Bengaluru facility, which is being expanded to 50,000-60,000 units. The plant will continue to serve as a manufacturing, engineering and technology hub after the BIGGA Factory comes online.

It is also targeting international markets, with exports expected to account for around 25% of revenue over the next five years.

“BIGGA Factory converts that technology foundation into industrial scale,” the founders said, positioning the facility as a key step towards building a global electric-mobility business.

To note, the startup launched its F77 motorcycles in the United Kingdom, in November last year, and claimed to be present in 12 countries across Europe, as of its last fundraise.

For the month of August, overall E2W registrations fell by 16.2% to 1.72 Lakh units from 2.05 Lakh units in July, based on Vahan data. Ultraviolette sold 583 E2Ws, down 17% from  702 vehicles in July. It holds 0.3% market share in the domestic market.

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