Ultraviolette - The EV Startup Raises $15M in a Series C Round Funding
Ultraviolette - the electric vehicle startup, has raised $15 million in a Series C startup led by TVS Group and Zoho Corporation. The company is said to fund the investment into creating job opportunities for local communities within the region. They plan to train 500 employees on electric vehicle manufacturing and assembly over the next five years. Ultraviolette plans to invest Rs. 500 crores in the manufacturing facility as well.
The Bangalore-based two-wheeler electric vehicle Ultraviolette has raised $14.85 million(about 112 crores). The funding is led by TVS Motor putting in $9.9 million (Rs. 75 crores), Zoho with $5 million ( Rs.37.5 crores) for a 2.46% stake in the company.
In September 2020, the company raised Rs 30 crores in a Series B funding round led by TVS Motor Company. So far, the company has raised over $19 million in its funding rounds.
The Company Story
Ultraviolette is the brainchild of Narayan Subramaniam and Niraj Rajmohan. The duo set up the EV company that designs, develops, and manufactures electric two-wheelers and their accessories in 2015. Tapping the growing electric vehicle share in the Indian automobile market in India, Ultraviolette Automobiles gives the vision to adopt electric vehicles in the country.
Its new F77 electric bikes have reassured the company’s pledge to promote electric vehicles in the country. With features including a battery capacity of 4.2 kWh and fully charged within 1.5 hours through fast charging, the EV bikes can reach 0-60 Kmph within 2-9 seconds and 0-100 kmph within 7.5 seconds. The prototype looks promising and exciting as the company plans to enter the production of the bike segment by March 2022.
Narayan Subramaniam, CEO of Ultraviolette Automotive, said, “Despite having the major concern of the country’s low performances and a zero desirability quotient for electric vehicles, it made sense to begin our journey with two-wheelers as the product development timelines are in the range of 2.5-3 years.” He insisted that the country is undergoing the phase when users enjoy the ownership rights of their vehicles.
“At Ultraviolette Automotive, the vehicles are designed and developed to deliver high levels of performance and matchless user experience. However, only a good product will not accelerate the transition towards electric mobility. Still, there is a greater need for reliability and predictability built around energy availability and usage. The company has spent considerable time and built a lot of IP around developing batteries and various forms of charging technology to build a crucial part of the electric ecosystem.” added Narayan.
Gearing Speed and Acceleration
The startup aims at developing vehicles that perform exceptional IC Engine counterparts in all aspects of performance and user experience. Ultraviolette worked thoroughly on developing robust batteries that can output high currents for longer periods. Hence, the exceptional battery development technology ensures a high energy and power density in its EV bikes. In addition, the company focuses on weight reduction to strengthen the overall aerodynamics. The company has minimized turbulence zones on the outside and ensured efficient channeling of the air internally for cooling of the batteries, motor controller, and motor.
Battery Technology Apt for Indian Conditions
Ultraviolette understood the role of a powerful battery technology that could be a gamechanger in the Indian EV market. Considering the Indian climatic conditions, no global battery could fulfill the needs to the fullest. Hence, they decided to develop their battery packs from scratch. The company has engaged technologists from aerospace and consumer electronics specialty to create value, especially for Indian conditions. Moreover, Ultraviolette has filed several patents regarding safety and thermal management aspects.
The Future is Calling
The Indian Electric Scooters automobile segment is thriving with opportunities as many players come with unique and cost-effective products for consumers. The rise of Ultraviolette creates an environment of hope, reliable service, and value addition for consumers who are enthusiastic about transitioning into electric vehicle automobiles shortly. Only time will tell how far the opportunity will benefit the users.