Bengaluru-based Ultraviolette Automotive has announced an undisclosed amount of fresh investments from Qualcomm Ventures and Lingotto under the Series D round of funding. The electric mobility start-up said that the new investments will be utilised towards ramping up the company’s presence in India as well as in international markets at a later stage. The announcement comes just days prior to the launch of the F77 performance electric motorcycle scheduled on November 24, 2022.
Commenting on the investment, Narayan Subramaniam, Co-Founder and CEO, Ultraviolette said, “As we countdown to the commercial launch of the F77 in India, this investment is a testament to the fact that we have been able to create a distinct identity for Ultraviolette and the F77 and build aspiration for the product across global audiences. We are thrilled to have Qualcomm Ventures and Lingotto back us in our vision of redefining the future of electric mobility and making the F77 a global phenomenon.”
Niraj Rajmohan, Co-Founder and CTO, Ultraviolette, said, “While we focus on commercial availability of the F77 in India, we are also actively building the roadmap for our subsequent expansion in international markets, and this capital infusion will be integral in augmenting our efforts in some of these markets.”
Quinn Li, Senior Vice President, Qualcomm Technologies and global head of Qualcomm Ventures said, “Qualcomm Ventures is proud to support Ultraviolette, which is committed to raising the bar on performance and safety standards of electric two-wheelers with best-in-class technologies, design and engineering. We look forward to the acceleration of the transformation that is already underway within the automotive industry by enabling companies, such as Ultraviolette, with not only access to capital but also the opportunity to potentially leverage Qualcomm’s world class technology innovations.”
Nikhil Bawa Srinivasan, Managing Partner at Lingotto said, “Our continued support for Ultraviolette rests in our belief on what should be a market defining product.”
Also Read : Ultraviolette F77 e-bike promises 307 km range
Qualcomm Ventures has a presence in the automotive space with investments in companies that focus on 5G, Artificial Intelligence, Automotive, IoT, Enterprise and Cloud, and XR/Metaverse. Meanwhile, Lingotto is a fully-owned subsidiary of Exor NV which has the largest or controlling stakes in companies including Ferrari, Stellantis, CNH Industrial, Iveco Group, The Economist Group, Via and the soccer team Juventus. Ultraviolette is also backed by homegrown two-wheeler giant TVS Motor Company.
On the product front, the Ultraviolette F77 will be the first made-in-India performance electric motorcycle. The new and upgraded model was unveiled last month and promises a range of 307 km on a single charge, while belting out 33 bhp and 90 Nm of peak torque. The F77 will be a KTM 390 Duke rival and prices are expected to be around ₹4 lakh (ex-showroom).
First Published Date: 22 Nov 2022, 14:50 PM IST