NEW DELHI: Bengaluru-based Ultraviolette Automotive wants to become the global leader in the electric motorcycle market over the next five years, Narayan Subramaniam, CEO & Co-Founder of the company told TNIE in an interaction.
“Not only in India but we are eyeing for leadership all across Europe, North America, South America and parts of Asia. All our products, the F77 and the upcoming ones are going to be disruptive in terms of design technology and performance,” said Subramaniam as he launched F77 MACH 2 on Wednesday at Rs 2.99 lakhs.
Currently, the company is the only player which makes performance electric bike in the country. While the market for this niche segment is still small, it is expected to grow exponentially in the next few years due to mass adoption. At present, Ultraviolette sees all the players competing in the 300cc-600cc segment as its competition. The size of this segment is pegged at over 1 lakh units per month.
The co-founder added that the core to achieving a leadership position is to build a great product. “Everything revolves around this and we think we got it right. All the features are top notch and now we have managed to bring the price below the Rs 3 lakh mark,” he stated.
To support the ambitious goal, Ultraviolette is holding talks with investors to raise fresh capital. “It is a capital-intensive industry. We are in conversation with a few investors. The funding will be used to fast-track our expansion plan,” said Subramaniam. Last year, it was reported that the company was looking to raise $120 million. Before this, the company raised over $55 million from big names such as Europe’s EXOR Capital, Qualcomm Ventures, TVS Motor and Zoho Corp.
Subramaniam said they will be rolling out 1,000 bikes/month from from Bengaluru facility by the end of this year. From next year, Ultraviolette has plans to do multiple shifts and expand the production facility as well.