Ultraviolette Automotive Raises ₹373 Crore for New Manufacturing Facility

Ultraviolette Automotive, a manufacturer of electric two-wheelers (E2Ws), is set to raise ₹373.04 crore as part of its ongoing Series E funding round, with investors including Yali Capital and TDK Ventures.

The newly raised funds will primarily support the development of Ultraviolette's BIGGA manufacturing facility. This new plant is projected to increase the company's annual production capacity to 250,000 vehicles in its initial phase. An additional ₹200 crore is allocated for expanding its existing facility in Bengaluru.

So far, ₹249.2 crore of this round has been secured from Yali Capital's Yali Deeptech Fund I and TDK Ventures. TDK Ventures is a returning investor, while Yali Capital is new to Ultraviolette's shareholder base.

This funding follows previous investments, including a $45 million round last year. To date, Ultraviolette has raised over $135 million from investors such as Zoho, Lingotto, and TVS Motors. The company plans to expand its product line beyond premium models to target larger market segments.

Ultraviolette is also focusing on international expansion, with exports expected to constitute approximately 25% of its revenue within the next five years. The company launched its F77 motorcycles in the UK last November and has been establishing a presence in European markets.