Electric motorcycle maker Ultraviolette has secured $45 million (about Rs 404 crore) funding from India’s Zoho Corporation and Italy-based investment firm Lingotto as part of its ongoing Series E round. While the investment from Zoho Corporation was led by Sridhar Vembu, Mani Vembu and Kumar Vembu, Lingotto is a wholly owned subsidiary of Exor NV, controlled by Italy’s Agnelli family. Exor has investments in companies such as Ferrari, Fiat and Chrysler Automobiles.
“Lingotto’s legacy of backing iconic performance and mobility brands, combined with Zoho’s long-term commitment to fostering cutting-edge Indian innovation, aligns perfectly with Ultraviolette’s mission to build category-defining electric mobility solutions for India and global markets,” said Narayan Subramaniam, Co-Founder & CEO, Ultraviolette.
The Bengaluru-based company did not disclose the full size of the round or on what valuations the funds were raised. A few months back, Ultraviolette had announced raising $21 million from TDK Ventures, as part of this continuing fundraise. The funding comes at a time when Ultraviolette is planning to launch an IPO by the financial year 2027-28.
This capital raised is being used to accelerate the domestic and international scale-up of current products F77 and X-47 and future product platforms Shockwave and Tesseract, said the company in a statement. Ultraviolette has expanded to 30 cities across India and has plans to be in 100 cities by mid-2026. The F77 motorcycles were recently launched in the United Kingdom. With this, the brand is now present in 12 countries across Europe.
Niraj Rajmohan, CTO & Co-Founder, Ultraviolette, said that with the ongoing Series E investments, they are doubling down on growth and expanding production to meet increasing demand.
“Our focus is on advancing breakthrough battery technology, elevating performance capabilities and expanding production to support upcoming product platforms. This investment will accelerate our journey towards scaling into India and global markets,” stated Rajmohan.
Founded in 2016 by Narayan Subramaniam and Niraj Rajmohan, Ultraviolette is backed by a spectrum of global investors, including Lingotto, TDK Ventures, Qualcomm Ventures, Zoho Corporation, TVS Motors, and Speciale Invest.