Electric mobility solutions provider Ultraviolette Automotive 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 Bengaluru-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 onboard 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.