Venture capital firm TDK Ventures, alongside Zoho and other investors, contribute $21 million to electric vehicle startup Ultraviolette.
Ultraviolette Gears Up for Global Expansion with $21 Million Investment
Ultraviolette, the Bengaluru-based electric motorcycle maker, is set to embark on an aggressive global expansion strategy, following a $21 million investment from TDK Ventures. The investment, which also includes existing backers Zoho Corporation, Lingotto (formerly Exor Capital), and other institutional investors, will support Ultraviolette's growth and global expansion plans.
The funding round comes as Ultraviolette reported its first revenue in FY23, recording Rs 8.4 crore with a loss of Rs 7.5 crore. The startup is now aiming to expand its retail footprint across India, targeting over 100 cities from the present 20 cities nationwide.
Ultraviolette's product portfolio includes the F77 Mach 2, F77 SuperStreet, Tesseract, Shockwave, and a UV racing platform. The company aims to substantially increase its annual production capacity from 30,000 to 300,000 units by early 2027 and expand its product lineup to 14 models, building on the success of its flagship models launched in 2024.
The partnership with TDK Ventures will advance Ultraviolette's efforts in advanced battery platforms and intelligent vehicle systems. TDK Corporation, an electronics maker based in Japan, and its venture capital arm, TDK Ventures, launched its Bengaluru Innovation Hub in late 2023.
Ultraviolette's cap table now includes Qualcomm Ventures, Zoho, Speciale Invest, TDK Ventures, Lingotto (formerly Exor Capital), and TVS Motor Company. The startup is currently operating in 10 European countries and aims to quadruple its presence in Europe, expanding to 40 countries there. It will also enter new motorcycle-driven markets such as Latin America and Southeast Asia, with plans to later enter the U.S. and Japan markets.
In the 2025 year, Ultraviolette views itself as a "pilot year" to focus on brand awareness and building distribution networks in Europe, laying the groundwork for full-scale international expansion shortly after. The company is also scaling its domestic presence in India, aiming to grow from 20 to 100 cities by year-end.
Technologically, Ultraviolette integrates eSIM connectivity, predictive maintenance diagnostics, advanced onboard technology, and patented innovations like a 5-level battery safety system. The partnership with TDK Ventures opens opportunities to collaborate on advanced battery technology, power electronics, sensors, and rider-assistance systems, further strengthening its technology edge.
Financially, Ultraviolette has raised over $75 million so far and plans to invest $100 million over the next four years to support growth. The company aims to go public within the next 2–3 years, targeting an IPO valued between $400–500 million.
Ultraviolette is competing with Oben Electric, Ola Electric, Ather Energy, and others in the two-wheeler electric vehicles space. As it gears up for its global expansion, Ultraviolette is poised to make significant strides in the electric vehicle industry.
[1] Ultraviolette Press Release, [URL] [2] TDK Ventures Press Release, [URL] [3] VCCEdge Data, [URL] [4] Economic Times, [URL]
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