Electric motorcycle maker Ultraviolette has raised $45 million from Zoho Corporation and Italy-based investment firm Lingotto, as part of an ongoing funding round.
The fresh capital will be used to scale up the company’s two existing models, the F77 electric sports bike and the recently launched X-47 crossover motorcycle. The funding will also be deployed to advance the company’s upcoming product platforms, codenamed Shockwave and Tesseract.
The startup did not disclose the total size of the ongoing round or its current valuation. It had raised $21 million as part of this round from TDK Ventures in August.
The fundraise comes as the Bengaluru-based company steps up expansion in India and overseas. Ultraviolette has grown its retail footprint to 30 Indian cities and plans to reach 100 cities by mid-2026, amid rising competition in the electric two-wheeler market.
The company began selling the F77 model in the UK this year, expanding its presence to 12 countries.
“In cars, everybody wants an SUV with high ground clearance. The same is happening with motorcycles; people want one motorcycle that can do all types of roads,” Narayan Subramaniam, founder and CEO of Ultraviolette, told ET. “So, this is attracting consumers from street motorcycle segments, roadster segments and the off-road segments. With this round, it is more about scaling operations and scaling production.”
Ultraviolette, founded in 2016, counts TVS Motor, Qualcomm Ventures, TDK Ventures and Speciale Invest among its investors. Zoho’s participation adds to the software firm’s growing interest in backing Indian deeptech ventures, while Lingotto, part of Exor NV, the owner of Ferrari, has been increasing its bets in performance mobility and the EV space.
“In 2016, we saw that everyone is going to enter the market more in the utility segment, scooters, with tech that is readily available in other markets,” said Niraj Rajmohan, chief technology officer at Ultraviolette. “What we saw was that it is not really a strong differentiator over the longer term. That is when we started working on building out the core tech.”
According to data from the government-run Vahan platform, Ultraviolette has sold around 1,168 vehicles so far in 2025. The broader electric two-wheeler segment continues to be led by legacy companies TVS Motor and Bajaj Auto, followed by Ather, Hero MotoCorp and Ola Electric, in terms of market share.
According to Tracxn, Ultraviolette reported Rs 36.1 crore in revenue in the fiscal year ended March 2025. Mirroring several EV two-wheeler makers in the red, its net loss widened to Rs 116.3 crore in FY25, from Rs 61.6 crore in FY24.
The fresh capital will be used to scale up the company’s two existing models, the F77 electric sports bike and the recently launched X-47 crossover motorcycle. The funding will also be deployed to advance the company’s upcoming product platforms, codenamed Shockwave and Tesseract.
The startup did not disclose the total size of the ongoing round or its current valuation. It had raised $21 million as part of this round from TDK Ventures in August.
The fundraise comes as the Bengaluru-based company steps up expansion in India and overseas. Ultraviolette has grown its retail footprint to 30 Indian cities and plans to reach 100 cities by mid-2026, amid rising competition in the electric two-wheeler market.
The company began selling the F77 model in the UK this year, expanding its presence to 12 countries.
“In cars, everybody wants an SUV with high ground clearance. The same is happening with motorcycles; people want one motorcycle that can do all types of roads,” Narayan Subramaniam, founder and CEO of Ultraviolette, told ET. “So, this is attracting consumers from street motorcycle segments, roadster segments and the off-road segments. With this round, it is more about scaling operations and scaling production.”
Ultraviolette, founded in 2016, counts TVS Motor, Qualcomm Ventures, TDK Ventures and Speciale Invest among its investors. Zoho’s participation adds to the software firm’s growing interest in backing Indian deeptech ventures, while Lingotto, part of Exor NV, the owner of Ferrari, has been increasing its bets in performance mobility and the EV space.
“In 2016, we saw that everyone is going to enter the market more in the utility segment, scooters, with tech that is readily available in other markets,” said Niraj Rajmohan, chief technology officer at Ultraviolette. “What we saw was that it is not really a strong differentiator over the longer term. That is when we started working on building out the core tech.”
According to data from the government-run Vahan platform, Ultraviolette has sold around 1,168 vehicles so far in 2025. The broader electric two-wheeler segment continues to be led by legacy companies TVS Motor and Bajaj Auto, followed by Ather, Hero MotoCorp and Ola Electric, in terms of market share.
According to Tracxn, Ultraviolette reported Rs 36.1 crore in revenue in the fiscal year ended March 2025. Mirroring several EV two-wheeler makers in the red, its net loss widened to Rs 116.3 crore in FY25, from Rs 61.6 crore in FY24.