TVS Motor Raises Stake In Startup Ultraviolette, Invests Rs 30 crore
TVS Motor Company has raised its stake in Bengaluru-based electric vehicle startup Ultraviolette Automotive by pumping in Rs 30 crore. In FY20, it had invested Rs 11 crore in the startup, which aims to put a high performance electric bike on the road by 2021.
The latest investment is part of Ultraviolette’s Series B round of funding. Chennai-based TVS did not quantify the stake size it bought in the press release issued. As of FY20-end, it held 25.76 percent stake in the startup. This is also the third time it bought stakes in Ultraviolette since its maiden investment back in 2017.
Ultraviolette in engaged in building what it claims to be ‘India’s first high-performance electric motorcycle – the F77’. The latter was first showcased in 2019 and aims to launch officially next year. The startup claims that the F77 can outperform a 200-250cc motorcycle.
Manu Saxena, Vice President (Future Mobility and Dealer Transformation), TVS Motor Company, said, “We are excited to see the progress and developments made by the UV team and are confident that these actions will go a long way towards establishing a greener future for India.”
Ultraviolette claims that the F77 is a smart and connected electric motorcycle that comes with remote diagnostics over-the-air (OTA) upgrades, regenerative braking, multiple ride modes, bike tracking, ride diagnostics and a whole lot of other features.
In July, Hero MotoCorp raised its stake in another Bengaluru-based startup Ather Energy to nearly 40 percent. The Delhi-based maker of motorcycles and scooters had invested Rs 84 crore as part of a Series C round.
Ather Energy would be raising more funds before the end of the current financial year, which could include further investments from Hero MotoCorp. Ather manufactures two electric scooters – 450 and 450X – which are sold in limited markets such as Chennai and Bengaluru.