Ultraviolette Automotive gets additional investment from TVS, to use for product engineering and R&D
Bangalore based EV company, Ultraviolette Automotive has received an additional investment of Rs. 6 crore from TVS Motor Company as part of the Series A funding. The company mentions that the new investment will be utilized for product engineering and research and development of new offerings. The company is currently working on an electric motorcycle that will have a progressive design along with an efficient tech that is claimed to be capable of outperforming traditional internal combustion engine equipped motorcycles in the 200-250cc segment. The additional investment will also be deployed for further expansion of Ultraviolette Automotive's core R&D team and facility, states the EV manufacturer.
"This investment is a validation of TVS Motor Company's faith in our product and the progress we have made so far with our motorcycle. We are building a high performance electric motorcycle that brings together the best of technology and design to deliver an unmatched user experience. The motorcycle will be enabled with smart features such as on-board diagnostics, preventive maintenance, over the air upgrades and ride customization. We believe that TVS Motor Company's continued support will go a long way in realizing our goal of delivering a superior electric vehicle in India." commented, Narayan Subramaniam, Founder and CEO, Ultraviolette Automotive Pvt. Ltd.
"We see great long term synergy in our partnership with TVS Motor Company considering the rich heritage and decades of industry experience they bring, and the innovations in design and technology at Ultraviolette Automotive. With this investment, we are looking to ramp up the development of high-end electric powertrains, battery modules and connected technology", said Niraj Rajmohan, Founder and CTO, Ultraviolette Automotive Pvt. Ltd.
"As a responsible manufacturer, we see immense promise in Ultraviolette Automotive's vision of bringing innovative and sustainable electric vehicles in India. Ultraviolette Automotive has made significant progress in their product engineering in a short span of time and we are confident that they will build a product that will pave the way for electric mobility in the country." commented, K. Gopaladesikan, CFO, TVS Motor Company
Also see: Ultraviolette F77 | First Ride
Also see: Ultraviolette F77 Electrical Motorcycle | First Look