E-2W Maker Ultraviolette Raises $85 Mn To Scale Production, Expand Global Presence

Ultraviolette Automotive has raised $85 million in a funding round led by Yali Capital and TDK Ventures as it looks to scale up production of its existing and upcoming products and expand its presence in overseas markets, including the US in 2027, the electric two-wheeler maker announced on Wednesday.

The Bengaluru-based company, which currently sells its products in India and 20 European countries, said international sales account for around 15% of its overall volumes and are expected to rise to 25% as it scales its global operations.

The fresh capital will be deployed towards scaling manufacturing of its existing F77 and X-47 models, as well as upcoming products Tesseract and Shockwave, Ultraviolette CEO and co-founder Narayan Subramanian told PTI.

"This is a growth-stage investment, and the capital will be deployed across multiple areas that will support the next phase of the company's expansion. “This includes scaling production for our current products F77 and X-47 and significant investment on scaling manufacturing for the upcoming products Tesseract and Shockwave, to serve the rapidly growing domestic and international demand," he said.

The company also plans to use the funds to develop its next generation of global electric vehicle platforms and deepen its presence across international markets.

"Today, our international sales account for around 15% of our overall volumes, and we expect that contribution to move towards 25% as we scale our global operations. Currently, 20% of our total revenues is driven from global sales, which has given us strong validation for opportunities outside India," Ultraviolette CTO and co-founder Niraj Rajmohan said.

The funding round also saw participation from Lip-Bu Tan, Chairman of Walden International and Advisor to Ultraviolette, along with the company's existing and long-term investors.

Ultraviolette said it is targeting entry into the US market in 2027, besides expanding across key markets in Latin America and Southeast Asia.

The latest fundraise comes after the company announced plans for a new manufacturing facility with production capacity of up to 5 lakh units annually.