Ultraviolette Automotive Private Limited has announced that it has raised a fresh round of capital from a fund managed by European investor EXOR Capital. This investment is part of an ongoing (Series D) round of funding, with EXOR Capital as the lead investor. With this investment, the fund now joins the cap table along with TVS Motor, Zoho Corporation, GoFrugal Technologies, and Speciale Invest.
EXOR Capital is a fully owned subsidiary of EXOR N.V. Exor is the single largest shareholder in Stellantis and has controlling stakes in companies including sports car maker Ferrari, CNH Industrial, Iveco Group, The Economist Group, Via and also the soccer team Juventus.
‘We are thrilled to have EXOR Capital as our investor and believe we have found the perfect partner in them given their multi-generational, entrepreneurial experience of working with some of the world’s most admired and loved brands. With this investment, we now have a diversified group of prominent Indian and international institutional investors backing us in our journey and vision of shaping a new era of mobility not just in India but in global markets as well,’ said Narayan Subramaniam, Co-Founder and CEO, Ultraviolette.
Nikhil Srinivasan, Managing Partner at EXOR Capital said, ‘Exor Capital has a strong interest in innovation and sustainability. We believe, Ultraviolette is an opportunity that covers both. We are delighted to work with the founders and respect their vision in the mobility space.’
The company is getting ready to launch the Ultraviolette F77 electric motorcycle, and the fresh investment will be utilised towards the expansion of the company’s presence across India, ramping up sales of the F77 in the country and subsequent expansion in international markets including trials, certifications and sales, the company said in a statement.
The Ultraviolette F77 will come with a claimed acceleration of 0-60 kph in 2.9 seconds, a top speed of 140 kph and claimed maximum range of 200 km on a single charge. The smart and connected electric motorcycle will come with remote diagnostics, over-the-air updates, regenerative braking, multiple ride modes, and a whole lot of other features.