The company will use the funds to expand its presence in the country.
25 Aug 2022 | 4907 Views | By Autocar Professional Bureau
Ultraviolette Automotive has said it raised a fresh round of capital from a fund managed by EXOR Capital. This investment is part of an ongoing (Series D) round of funding, with EXOR Capital as the lead investor.
With this investment, the fund now joins the cap table along with TVS ...
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Ultraviolette Automotive has said it raised a fresh round of capital from a fund managed by EXOR Capital. This investment is part of an ongoing (Series D) round of funding, with EXOR Capital as the lead investor.
With this investment, the fund now joins the cap table along with TVS Motor, Zoho Corporation, GoFrugal Technologies, and Speciale Invest, the company said in a statement.
EXOR Capital, a fully-owned subsidiary of EXOR N.V. is the single largest shareholder in Stellantis and has controlling stakes in companies including Ferrari, CNH Industrial, Iveco Group, The Economist Group, Via and the soccer team, Juventus.
While Ultraviolette is set to launch the F77 in India, this investment from Exor will be used to expand the company’s presence across India, ramping up sales of the F77 electric motorcycle and subsequent expansion in international markets including trials, certifications and sales, the company added.
Narayan Subramaniam, Co-Founder and CEO, Ultraviolette stated, “We now have a diversified group of prominent Indian and international institutional investors backing us in our journey and vision of shaping a new era of mobility not just in India but in global markets as well.”
Nikhil Srinivasan, Managing Partner, EXOR Capital said, “The Ultraviolette is an opportunity that covers both. We are delighted to work with the founders and respect their vision in the mobility space.”
Since the F77 motorcycle was unveiled, Ultraviolette says it has significantly improved the motorcycle in a number of areas. With a select number of eminent pilots from the aviation community, the business just completed its first public test flight to highlight the product’s features and capabilities.
Beginning next month, Ultraviolette will offer free rides to the general public, followed by a commercial launch later this year. The company claims to have received over 65,000 pre-order inquiries, with a sizable portion of these coming from India, the United States, and Europe.