Ultraviolette Automotive: Electric Bike Startup Raises Rs 32.6 Crore

Electric bike startup Ultraviolette Automotive has announced plans to raise Rs 32.6 crore ($3.85 million) through an extended Series E1 round. This funding round is led by Winever Industrial Enterprises and Dilip Anand Swadi, with participation from Breathe Capital and others.

This funding is an extension of the previous Rs 130 crore round, which was led by Zoho Corporation in December of last year.

As per regulatory filings accessed from the Registrar of Companies (RoC), the board at Ultraviolette has approved the issuance of 1,13,540 Series E1 CCPS at an issue price of Rs 2,874 to secure the mentioned amount.

Investment Details in Ultraviolette Automotive

Winever Industrial Enterprises and Dilip Anand Swadi will each invest Rs 10 crore. Breathe Capital will contribute Rs 6 crore, while Twin & Bull Family Office and Mangalam Equity Management are set to invest Rs 2.5 crore and Rs 2 crore, respectively. Additionally, Resolute Futurewave and Aprameya Radhakrishna, Co-founder and CEO of Koo, will each provide Rs 1 crore.

Valuation Metrics

According to estimates from Startup Superb, the valuation of Ultraviolette Automotive is projected to reach Rs 2,887 crore (approximately $340 million) after the allotment of shares.

Company Overview

Ultraviolette Automotive, founded in 2016, focuses on manufacturing clean energy two-wheelers and promoting sustainable transportation. The company currently offers four electric bike variants: F77 Mach 2, F77 SuperStreet, Tesseract, and Shockwave.

Sales Performance

Data from Vahan indicates that the Bengaluru-based company sold 543 vehicles in FY25, with 86 vehicles sold in April alone. Notably, its lead investor, TVS Motor, has emerged as a leader in India’s electric two-wheeler (E2W) market for April 2025, selling 19,736 units and securing a 22% market share.

Funding History

According to various sources from the startup data intelligence platform, Ultraviolette Automotive has raised approximately $79 million to date, attracting investments from TVS Motors, Mudhal Partners, Zoho Corporation, and others.

Financial Overview

For the fiscal year ending March 2024, Ultraviolette Automotive reported an operating revenue of Rs 15 crore, an increase from Rs 8.7 crore in FY23. However, it also recorded a loss of Rs 61.6 crore during the same period.