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Indian automotive company, TVS Motor Company has recently made a new investment in Bengaluru-based electric bike maker, Ultraviolette Automotive.
In a regulatory filing, TVS Motor said that Zoho Corporation — an Indian tech firm that offers web-based business tools — has joined them in the latest round of Series C funding for supporting Ultraviolette's vision of progressing high-performance mobility solutions for local and global markets.
The investment round was led by TVS Motor, which has been an early supporter of Ultraviolette Automotive.
According to sources, Ultraviolette is currently setting up its assembling and manufacturing unit in Electronics City, Bengaluru and will be leveraging the newly raised investment for the production and commercial launch of its high-performance electric motorcycle, the F77.
Estimates are made that the launch of its first lot of e-motorcycles will be expected in the first half of 2022.
Sudarshan Venu, Joint Managing Director, TVS Motor Company, noted that at present, electric vehicles are a huge focus area for their firm, and it has invested in this area for around a decade. TVS is devoted to developing exciting and motivating products.
The firm has always believed that EV development has to be ground-up for it to make significant leap into the global EV revolution. Ultraviolette carries these values in a unique way in the F77, and the firm is thrilled to support them, he added.
Mr. Venu added that TVS is delighted to partner with Ultraviolette at an early stage, and the firm is confident that the latter’s EV line-up will witness rapid adoption across the country and the world.
Ultraviolette Automotive’s Founder and CEO, Narayan Subramaniam, while commenting on the investment, said that this funding from the ZOHO Corp. and TVS Motor Company is a validation of its efforts to revolutionize the future of mobility.
Source Credit - https://economictimes.indiatimes.com/industry/renewables/tvs-motor-company-makes-fresh-investment-in-ultraviolette-automotive/articleshow/88253492.cms
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