Ultraviolette Automotive Raises Additional Series D Funding
Ultraviolette Automotive, a Bengaluru-based electric mobility startup, has raised an undisclosed amount from Qualcomm Ventures and Lingott in an additional Series D round.
As per the startup, the raised funds will be used to ramp up its presence in India and expand into international markets.
Ultraviolette Automotive | Accelerate Innovation
Started by Narayan Subramaniam and Niraj Rajmohan in 2016, Ultraviolette Automotive is a Bengaluru-based electric mobility startup offering sustainable mobility and energy infrastructure solutions.
The startup will launch its electric two-wheeler Ultraviolette F77 on November 24th. Ultraviolette has already started taking pre-orders from October 23rd and will deliver its first batch of motorcycles in Bengaluru.
Speaking about the development, Narayan Subramaniam, Co-founder and CEO of Ultraviolette Automotive, said,
“As we countdown to the commercial launch of the F77 in India, this investment is a testament to the fact that we have been able to create a distinct identity for Ultraviolette and the F77 and build aspiration for the product across global audiences.”
As per Niraj Rajmohan, Co-Founder and CTO of Ultraviolette, the startup is also actively building the roadmap for its subsequent expansion in international markets. This investment from Qualcomm Ventures and Lingotto will be integral in augmenting its efforts in some of these markets, Niraj added.
Commenting on the development, Quinn Li, senior vice-president of Qualcomm Technologies Inc. and global head of Qualcomm Ventures, said,
“Qualcomm Ventures is proud to support Ultraviolette, which is committed to raising the bar on performance and safety standards of electric two-wheelers. We look forward to the acceleration of the transformation that is already underway within the automotive industry by enabling companies.”
As per a report, the electric vehicle sector is expected to grow to $15,397 Bn by 2027, growing at a CAGR of 47.09% during 2021-27.