Ultraviolette Automotive Receives Additional Investments From TVS Motor Company
In case you haven’t heard of them, Ultraviolette is an electric automotive company that deals in sustainable mobility and energy solutions
The Bangalore-based firm today confirmed that it has received additional Series A funding from TVS Motor Company. The investment, which amounts to an impressive Rs 6 crores, will be used for product R&D and further expansion of Ultraviolette Automotive’s core team and facility.
Ultraviolette Automotive is actively developing top-of-the-line electric mobility solutions, one of which is a motorcycle that is said to outperform traditional ICE motorcycles in the sub-250cc segment. This electric bike will take a futuristic and energy efficient approach with features such as onboard diagnostics, preventive maintenance, over the air upgrades and ride customization. Furthermore, the firm also has plans of ramping up the development of high-end electric powertrains, battery modules and connected technology.
TVS’ continued investments in Ultraviolette Automotive goes to show that the firm has some serious plans for the electric revolution. And, taking into account that India aims to become a 100 per cent electric vehicle nation by 2030, the firm seems to have a bright future.
Here’s the official statement from the manufacturer.
Press Release -
Ultraviolette Automotive revs up its high performance electric motorcycle development with additional investment from TVS Motor Company
Investment to be deployed for continued product engineering and R&D
Bangalore, August 13, 2018: Ultraviolette Automotive Pvt. Ltd., an innovator in sustainable mobility and energy infrastructure, today confirmed that it has received an additional investment of Rs. 6 crores from TVS Motor Company. This investment is part of the Series A funding from TVS Motor Company.
Based out of Bangalore, Ultraviolette Automotive is engaged in developing top-of-the-line electric mobility solutions. The company is currently building an electric motorcycle that is driven by progressive design and energy efficient technology that will outperform traditional ICE motorcycles in the 200-250cc segment. The additional investment will be deployed for continued product engineering and further expansion of Ultraviolette Automotive’s core R&D team and facility.
Mr. K. Gopaladesikan, CFO, TVS Motor Company stated, “At TVS Motor Company, we are committed to creating offerings with best-in-class quality, cutting-edge technology and that delights the customer. As a responsible manufacturer, we see immense promise in Ultraviolette Automotive’s vision of bringing innovative and sustainable electric vehicles in India. Ultraviolette Automotive has made significant progress in their product engineering in a short span of time and we are confident that they will build a product that will pave the way for electric mobility in the country.”
Commenting on the investment, Narayan Subramaniam, Founder and CEO, Ultraviolette Automotive Pvt. Ltd. said, “This investment is a validation of TVS Motor Company’s faith in our product and the progress we have made so far with our motorcycle. We are building a high performance electric motorcycle that brings together the best of technology and design to deliver an unmatched user experience. The motorcycle will be enabled with smart features such as on-board diagnostics, preventive maintenance, over the air upgrades and ride customization. We believe that TVS Motor Company’s continued support will go a long way in realizing our goal of delivering a superior electric vehicle in India.”
“We see great long term synergy in our partnership with TVS Motor Company considering the rich heritage and decades of industry experience they bring, and the innovations in design and technology at Ultraviolette Automotive. With this investment, we are looking to ramp up the development of high-end electric powertrains, battery modules and connected technology”, said Niraj Rajmohan, Founder and CTO, Ultraviolette Automotive Pvt. Ltd.
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