Ultraviolette: Leading Electric Motorcycle Innovation

Bengaluru’s electric motorcycle manufacturer Ultraviolette has successfully secured $21 million through a strategic funding round, spearheaded by TDK Ventures, the corporate venture capital division of Japan’s TDK Corporation.

Several existing investors, including Zoho Corporation and Lingotto (formerly Exor Capital), contributed to this round along with notable angel and institutional investors such as Sriharsha Majety from Swiggy, Ankit Nagori from Curefoods, Aprameya Radhakrishna from TaxiForSure, and actor Dulquer Salmaan.

Reports from the startup Superb suggest that Ultraviolette is preparing to initiate another funding round in May 2025.

Utilisation of Funds

The capital raised will be directed towards enhancing manufacturing capabilities, developing cutting-edge battery technology and smart vehicle advancements, and expanding Ultraviolette’s presence from 20 to over 100 cities across India. The company also has ambitions to penetrate global markets.

Company Background

Founded by Narayan Subramaniam and Niraj Rajmohan, Ultraviolette focuses on creating performance-driven, aspirational electric two-wheelers aimed at competing internationally.

Funding Progress

According to various sources from a startup data intelligence platform, Ultraviolette Automotive has raised approximately $79 million to date, with investors including TVS Motors, Mudhal Partners, and Zoho Corporation, among others.

Financial Performance

For the fiscal year ending March 2024, the company reported an operating revenue of Rs 15 crore, an increase from Rs 8.7 crore in FY23. Despite this growth, Ultraviolette faced a loss of Rs 61.6 crore during the same period.

While the annual report for FY25 has not yet been filed, it has been noted that Ultraviolette sold 543 vehicles in the last financial year. The brand competes with other notable players in the market, such as Tork Motors, Revolt Motors, and Ola Electric’s Roadster.