Ultraviolette Automotive, the Bengaluru-based electric two-wheeler manufacturer, has raised USD 45 million (~INR 405 crore) in fresh funding from Zoho Corporation and Italy’s Lingotto as part of its ongoing Series E round. The capital infusion marks a significant milestone for the company as it prepares for a potential initial public offering (IPO) within the next two to three years.
The investment round underscores continued investor confidence in Ultraviolette’s high-performance electric mobility vision and its expanding global footprint. This latest tranche follows previous capital raises of USD 21 million (~INR 189 crore) in August 2025 and USD 15 million (~INR 135 crore) in December 2024, bringing the total funding under the Series E umbrella to more than USD 80 million (~INR 719 crore).
Ultraviolette: Global Investors and Domestic Tech Champions Backing the Growth
The latest investment was led by Sridhar Vembu, Mani Vembu, and Kumar Vembu of Zoho Corporation, reflecting an increasing trend of domestic technology founders participating in India’s EV ecosystem. On the international front, Lingotto—a wholly owned subsidiary of Exor NV, the Italian holding company that owns Ferrari, Fiat, Chrysler, and Juventus FC—adds substantial global credibility to Ultraviolette’s investor base.
Other key backers of Ultraviolette include TVS Motor Company, Qualcomm Ventures, TDK Ventures, Mudhal Partners, Ojas Consultation, and Speciale Invest, collectively forming one of the most diverse investor portfolios in India’s electric mobility space.
Scaling Up Production and Expanding Global Reach
According to co-founder and CEO Narayan Subramaniam, the fresh funding will be deployed to accelerate production and sales of Ultraviolette’s flagship F77 electric sportbike and the newly launched X-47 crossover motorcycle. The capital will also support the development of two new product platforms, codenamed Shockwave and Tesseract, aimed at extending Ultraviolette’s technological leadership in performance-oriented EVs.
“In cars, everyone wants an SUV that can handle all terrains. The same is now true for motorcycles,” Subramaniam said. “With the X-47, we’ve built a crossover motorcycle that appeals to both urban and adventure riders. This round is about scaling operations and expanding production capacity to meet surging demand,” he added.
Ultraviolette’s CTO and co-founder, Niraj Rajmohan, emphasized the company’s focus on advancing battery technology and improving performance capabilities. “We are doubling down on growth and expanding our production to meet increasing demand. This investment accelerates our journey toward scaling into India and global markets,” he said.
Rapid Expansion: From 0 to 30 Cities in a Year
Founded in 2016 by Subramaniam and Rajmohan, Ultraviolette has quickly evolved from a niche high-performance EV startup to one of India’s most prominent electric motorcycle manufacturers. Over the past 12 months, the company expanded from zero to 30 cities across India and aims to reach 100 cities by mid-2026.
Internationally, Ultraviolette launched the F77 in the United Kingdom earlier this year, extending its footprint to 12 European countries, including France, Germany, Spain, and Portugal. The company is also eyeing new markets in Southeast Asia and Latin America as it continues to build a global brand in the performance EV segment.
Financial Performance: Strong Revenue Growth, Persistent Losses
Despite its impressive expansion, Ultraviolette continues to post widening losses as it invests heavily in production scale-up and R&D. For the fiscal year FY25, the company’s net loss increased by 89% to INR 116.3 crore, compared to INR 61.6 crore in FY24. Revenue, however, more than doubled year-on-year to INR 32.3 crore, driven primarily by strong sales of its F77 and X-47 models.
The company also generated additional revenue from servicing (INR 1.6 crore) and accessories (INR 1.1 crore). Management maintains that Ultraviolette’s unit economics remain positive, with every vehicle sold contributing positive gross margins—the firm projects operating EBITDA break-even by late 2026 and full EBITDA break-even by 2027.
Preparing for a Public Market Debut
Ultraviolette’s leadership has confirmed plans to pursue an IPO between FY27 and FY28, aligning with the company’s global expansion and manufacturing scale-up timeline. “An 18- to 24-month window would be the right time to start the process,” Subramaniam stated. “For us, an IPO is an outcome, not an effort solely for that outcome.”
The company is reportedly in discussions with state governments for the establishment of a new manufacturing facility as part of its broader expansion into the affordable EV segment. Its current Electronic City plant has already increased capacity through multiple shifts and additional assembly lines.
The Road Ahead
With the ongoing Series E investments, Ultraviolette stands poised to strengthen its leadership in the premium electric two-wheeler space. Its diversified investor base—spanning deep-tech entrepreneurs, traditional automakers, and global investment houses—positions it uniquely at the intersection of innovation and industrial scalability.
As India’s EV landscape matures, Ultraviolette’s journey from a performance-focused niche player to a globally recognized electric mobility brand underscores the growing confidence in the country’s homegrown engineering prowess. The firm’s success in international markets will likely serve as a benchmark for the next generation of Indian electric vehicle manufacturers.
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