TVS Motor invests Rs 6 crore in Ultraviolette Automotive
TVS Motor Company has funded Rs 6 to electric mobility solutions provider Ultraviolette Automotive. Ultraviolette said in a statement that the additional investment as part of Series A round will be deployed for continued product engineering and further expansion of core R&D team and facility.
The Bengaluru-based startup is engaged in developing electric mobility solutions and is building an electric motorcycle equivalent to conventional bikes in 200-250cc segment.
"We see immense promise in Ultraviolette Automotive's vision of bringing innovative and sustainable electric vehicles in India," TVS Motor CFO K Gopaladesikan said, as cited by PTI. In a short span, the startup has made significant progress in its product engineering, he added.
Ultraviolette Founder and CEO Narayan Subramaniam said the company is building a high performance electric motorcycle which will be enabled with features such as on-board diagnostics, preventive maintenance, and ride customisation.
"With this investment, we are looking to ramp up the development of high-end electric powertrains, battery modules and connected technology," Ultraviolette Founder and CTO Niraj Rajmohan said, PTI cited.
Watch this Zee Business video here:
Two-wheeler market leader Hero MotoCorp has also made investments in Bengaluru-based startup Ather Energy, which had in June launched two electric scooters priced up to Rs 1.25 lakh.