Ultraviolette Automotive Raises ₹373 Crore for Manufacturing Expansion
Electric two-wheeler maker Ultraviolette Automotive is set to raise ₹373.04 crore in its Series E funding round. The company is significantly increasing its manufacturing capacity with a new facility.
Electric two-wheeler manufacturer Ultraviolette Automotive is planning to raise ₹373.04 crore in fresh capital as part of its ongoing Series E funding round, with investors including Yali Capital and TDK Ventures.
The funding is earmarked for the expansion of the company's manufacturing capabilities, including the construction of a new facility named the BIGGA factory. This initiative is part of a larger strategy to invest over ₹1,000 crore in the next five years to scale production.
The BIGGA factory is projected to boost the company's annual production capacity to 250,000 vehicles initially, with potential for further expansion to 500,000 vehicles. The company also plans to expand its existing plant in Bengaluru. This increased capacity aims to meet growing demand and support the introduction of new products targeting broader market segments.
Ultraviolette has previously secured over ₹135 crore from investors such as TVS Motors and Qualcomm Ventures. The current fundraising occurs amid fluctuations in India's electric two-wheeler market, as Ultraviolette focuses on scaling production and exploring international markets.