TVS Motor invests in electric bike maker Ultraviolette Automotive

Ultraviolette Automotive has received Rs 6 crore funding from TVS Motor Company.

New Delhi: Electric mobility solutions provider Ultraviolette Automotive on Monday said it has received Rs 6 crore funding from TVS Motor Company.

The additional investment as part of Series A round will be deployed for continued product engineering and further expansion of core R&D team and facility, Ultraviolette said in a statement.

The Bangaluru-based startup is engaged in developing electric mobility solutions and is building an electric motorcycle equivalent to conventional bikes in 200-250cc segment.

"We see immense promise in Ultraviolette Automotive's vision of bringing innovative and sustainable electric vehicles in India," TVS Motor CFO K Gopaladesikan said. In a short span, the startup has made significant progress in its product engineering, he added.

Ultraviolette Founder and CEO Narayan Subramaniam said the company is building a high performance electric motorcycle which will be enabled with features such as on-board diagnostics, preventive maintenance, and ride customisation.

"With this investment, we are looking to ramp up the development of high-end electric powertrains, battery modules and connected technology," Ultraviolette Founder and CTO Niraj Rajmohan said.

Two-wheeler market leader Hero MotoCorp has also made investments in Bengaluru-based startup Ather Energy, which had in June launched two electric scooters priced up to Rs 1.25 lakh.

( Source : PTI )
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