Ultraviolette Automotive, the Bengaluru-based electric two-wheeler manufacturer backed by TVS Motors and Qualcomm Ventures is gearing up for a potential public listing by FY27. The company plans to raise USD 500 million (~INR 4,343 crore) through a public offer. Ultraviolette IPO will be the second largest IPO by an Indian electric two-wheeler maker after Ola Electric’s INR 6,145 crore listing in August 2024. Some reports suggest that Ultraviolette is working towards this target by expanding its product portfolio and geographical presence.
Company Overview
Founded in 2016, Ultraviolette entered the e-mobility space in 2022 with the launch of its flagship high-performance sports bike F77. Taking a top-down approach similar to Tesla, the company started with premium products and recently expanded into mid-weight and entry-level segments. Last month it launched two new models—an electric scooter ‘Tesseract’ and an entry-level motorcycle ‘Shockwave’ and plans to launch 6 more two-wheelers in the next 3 years.
The company’s differentiation strategy is on high-performance motorcycles, including models with a 10.3 kWh battery pack—one of the largest in its segment—offering a real-world range of over 260 km.
Growth and Expansion Plans
Ultraviolette has already established operations in 13 Indian cities and is aggressively expanding internationally. The company has received international certifications to export to key European markets—Germany, France, Netherlands, Spain and the UK. It plans to contribute 30% of its revenue from exports by 2027.
The company’s Bengaluru facility has an annual capacity of 30,000 units and it is expected to be at peak capacity by 2026. The company is planning to sell over 1,000 units a month by the second half of 2025 and 30,000 vehicles in 2026 and then ramp up to nearly 100,000 units by the time of its IPO.
Ultraviolette Recent Fundraising
Ultraviolette has raised over USD 75 million (~INR 649.97 crore) to date with significant investments from TVS Motors (holding a 28% stake), Qualcomm Ventures, Lingotto (formerly Exor Capital) and SaaS major Zoho Corporation. In December 2024, Ultraviolette raised INR 130 crore in a fresh funding round led by Zoho which invested INR 90 crore. Other participants were Lingotto, Mudhal Partners and Ojas Consultation.
Earlier Ultraviolette had expanded its Series D funding round with investments from Qualcomm Ventures and Lingotto valuing the company at USD 300 million (~INR 2,600 crore). These funds are being used for domestic expansion, technology development and international market entry.
Financials Snapshot
Loss of INR 61.5 crore in FY24 on revenue of INR 15 crore, but management is optimistic. The management is expecting to attain an EBITDA break even by 2027 through vertical integration, cost control and positive gross margins.
Ultraviolette operates in a niche space where most legacy motorcycle manufacturers like Hero MotoCorp, Royal Enfield and Bajaj Auto are not yet present, citing infrastructure and R&D challenges. So the electric motorcycle space is open to startups like Ultraviolette, Revolt Motors and Raptee HV.
India’s electric motorcycle penetration is still under 1%, the company sees a turning point by 2025-26 like what happened in electric scooters. Ultraviolette aims to get a 10% market share in the electric motorcycle segment in the next 2 years.
Conclusion
Ultraviolette Automotive’s aggressive roadmap—product expansion, international presence and public listing—shows the changing landscape of India’s electric vehicle market. With institutional backing, technology and a focus on profitability, Ultraviolette is setting itself up to be a big player in India’s EV journey.
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