Ultraviolette Raises $21M to Expand Electric Motorcycle Reach Globally | Ukraine news

Two months ago, the Indian startup Ultraviolette expanded its presence to ten European markets. It has now raised $21 million in a funding round, led by the corporate venture arm of Japanese giant TDK Corporation, and its growth plan is gaining new momentum.

The company has ambitions in Europe: to quadruple its regional presence, extend its reach to markets with strong motorcycle demand in Latin America and Southeast Asia, and increase its model lineup to 14 models by early 2027. The expansion comes after the February 2024 unveiling of the flagship F77 Mach 2 and the second product – the F77 SuperStreet.

Ultraviolette is built by two childhood friends – Narayan Subramaniam and Niraj Rajmohan, who combined knowledge of mechanical engineering, automotive design, computer science, and electronics to electrify the mid-range two-wheeler segment.

Inspired by Tesla, they founded Ultraviolette at a time when the Indian electric two-wheeler market was largely oriented toward low-speed models for commercial and utility needs. The initial boom was driven by cheap Chinese imports, after which local startups emerged and traditional manufacturers entered the segment.

“We asked ourselves what it would take to make electric transportation exciting in the two-wheeler segment, and that became our goal from the very beginning.”

The Bengaluru-based startup spent about four years from its founding in 2016 to the unveiling of its first model in 2019. After several design iterations, the seventh version was approved – hence the name F77. The commercial version features a fixed battery with a range of over 300 km, a top speed of 155 km/h, peak power of 30 kW, and torque up to 100 Nm.

Ultraviolette also unveiled the lightweight motorcycle Shock Wave and the Tesseract scooter, equipped with front and rear radar and cameras to assist the rider and detect blind spots. The scooter is priced at ₹145,000 ($1,650), and the motorcycles range from ₹175,000 ($2,000) to about $10,000 (excluding taxes).

Ultraviolette’s vehicles feature built-in eSIM connectivity and a predictive maintenance system based on the company’s proprietary diagnostic platform, capable of detecting even minor issues, such as a need for chain lubrication. The company also offers a mobile app that provides users with all this information in real time.

The Ultraviolette factory is located in Bengaluru, Electronics City, with an annual capacity of 30,000 units. All development – from embedded software to battery management systems and battery production – is done in-house. The team numbers around 500 professionals, of whom about 200 are in corporate divisions and R&D.

Ultraviolette’s business model is partly fueled by Tesla’s experience. The co-founders spoke with American Model S owners to better understand the secrets of successfully scaling an electric vehicle – this interaction influenced the company’s approach to design and branding.

“Those Tesla cars were very special, because owning them was seen as progressive. It was more of a lifestyle.”

This approach is reflected in Ultraviolette’s focus on global accessibility and innovation from day one: the word “violet” sounds almost the same in more than 30 European languages, and “ultra” emphasizes advanced qualities. The company obtained European certification for all its vehicles even before market entry.

Unlike many Indian electric two-wheeler manufacturers, Ultraviolette aims for global reach rather than purely local demand. The Indian market still faces notable barriers, with electric motorcycle penetration at around 7.66% compared with a global average above 16%, according to analyses by the government think tank NITI Aayog. While the government envisions a path to 30% electric vehicle penetration by 2030, current growth rates remain challenging.

India has traditionally been characterized by price sensitivity: two-wheelers are usually not viewed as luxury items but as an affordable means of transportation. Therefore, premium models in the country may be harder to sell at launch.

“We knew we were targeting segments that are inherently more universal.”

What next?

Ultraviolette plans to increase the capacity of its Bengaluru plant to 60,000 units per year and expand production space to 300,000 units at the start of next year. The company operates 20 stores in 20 Indian cities and plans to grow the network to nearly 100 points by March next year. About 50 stores – one in each city – are slated to open before the start of the holiday season this year.

Rajmohan noted that the company is actively working on expanding in the European market, where it already operates with a current network of about 40 dealers.

“Next year will be the year of scaling in Europe.”

In the future, Ultraviolette plans to launch pilot programs in Latin America and Southeast Asia next year, followed by the United States and Japan.

The company has already sold over 3,000 motorcycles in India and expects to reach around 10,000 units this year. It also forecasts more than $50 million in revenue by the end of the financial year. The new round of funding was backed by existing investors – Zoho Corporation and Lingotto (formerly Exor Capital). Overall, Ultraviolette has raised about $75 million in investments, with other key investors including Qualcomm Ventures, Exor, and TVS Motor.