Bengaluru-based electric motorcycle innovator Ultraviolette Automotive has announced plans to raise USD 3.85 million (~INR 32.6 crore) in an extended Series E1 funding round, reinforcing its capital base as it pushes toward market expansion, product launches, and a landmark IPO by FY27.

This fresh capital infusion follows the INR 130 crore Series E1 round in December 2024, led by Zoho Corporation. The ongoing extension will be spearheaded by Winever Industrial Enterprises and Dilip Anand Swadi, who will each contribute INR 10 crore, according to regulatory filings. Other participating investors include Breathe Capital (INR 6 crore), Twin & Bull Family Office (INR 2.5 crore), Mangalam Equity Management (INR 2 crore), and Resolute Futurewave and Aprameya Radhakrishna, the CEO of Koo, with INR 1 crore each.

This round values Ultraviolette at an estimated INR 2,887 crore (~USD 340 million) post-allotment, reflecting investor confidence in the firm’s differentiated positioning in India’s emerging electric two-wheeler (E2W) space.

A Tesla-Inspired Growth Model

Founded in 2016 by Narayan Subramaniam, Preetham Murthy, and Niraj Rajmohan, Ultraviolette Automotive is carving a niche in the high-performance electric motorcycle market. Inspired by Tesla’s top-down approach, the company began with a premium segment offering — the F77, now available in trims such as Mach 2 and SuperStreet — and has recently diversified into mid and entry-level products, launching the Tesseract electric scooter and Shockwave motorcycle.

Ultraviolette now offers four products in total and is developing six additional models slated for launch in the next three years. Its flagship F77 comes with a 10.3 kWh battery pack, one of the largest in its category, boasting a real-world range exceeding 260 km.

Operational Highlights and Expansion Plans

Ultraviolette is currently operational in 13 cities across India. In the next phase of growth, it plans to target eastern cities and state capitals. International expansion is also underway – it has got the certifications to export to Germany, France, Netherlands, Spain and UK. It aims to get 30% of revenue from exports by 2027.

Its Bengaluru facility, with an annual capacity of 30,000 units, is expected to reach full capacity by 2026. Management is targeting 1,000 units per month in H2 FY26 and plans to scale up to 1,00,000 units per annum by the time of IPO.

Financial Performance & Path to IPO

Despite being a capital intensive industry, Ultraviolette reported INR 15 crore in revenue in FY24 from INR 8.7 crore in FY23 — a 72% year on year growth. But the company incurred a INR 61.5 crore loss which is the scale of R&D and expansion expenses.

Management is optimistic, CEO Narayan Subramaniam said: “The company is gross margin positive and is looking to reach operational break even by late 2026. Further profitability will come from vertical integration, cost optimization and scale”.

Going forward Ultraviolette is gearing up for a INR 4,343 crore (~USD 500 million) IPO by FY27 which will be the second largest IPO by an Indian electric two-wheeler company after Ola Electric’s INR 6,145 crore listing in 2024.

Partnerships and Brand Building

Beyond fundraising and engineering, Ultraviolette is making strategic moves to enhance its brand narrative. In May 2025, the company partnered with the Indian Army’s Madras Regiment for a Veteran Outreach Rally across Tamil Nadu, deploying a fleet of F77 motorcycles. This initiative highlights Ultraviolette’s commitment to national pride and public engagement — values that resonate strongly in its brand ethos.

Backing and Investors

To date, Ultraviolette has raised over USD 79 million (~INR 650 crore) across 13 funding rounds. Key investors include TVS Motors (28% stake), Qualcomm Ventures, Zoho Corporation, Mudhal Partners, and Lingotto (formerly Exor Capital).

TVS Motor, also India’s largest E2W seller in April 2025 with 19,736 units sold and a 22% market share, adds strong industry validation to Ultraviolette’s trajectory.

Conclusion

Ultraviolette extended Series E1 funding round is more than a routine funding update — it’s a strategic checkpoint in the company’s bold journey from a performance-first EV disruptor to a mainstream market contender and future public entity. With a growing portfolio, ambitious scale-up plans, and investor backing, Ultraviolette is well-positioned to play a defining role in shaping India’s electric mobility revolution. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.