Ferrari Backer Exor invests $10 Mn in Ultraviolette Automotive

Ultraviolette Automotive, an electric two-wheeler business based in Bengaluru, has received a new round of funding from Exor based in Amsterdam.

By allocating 2,192 Series D compulsory convertible preference shares and 10 equity shares to Exor Co-Invest Fund I ILP, the business is raising roughly $10 million (INR 79 crore).

With this investment, the Agnelli family-run Exor has joined the roster of Sridhar Vembu’s EV two-wheeler company. Exor owns a 22.91% share in Ferrari and is another stakeholder in the company.

Exor will be able to hold 3.48% in Ultraviolette Automotive after this investment. The startup’s ongoing Series D investment round appears to include this funding. Ultraviolette Automotive raised the fresh round at a valuation of almost $300 million.

Nearly eight months have passed since Ultraviolette Automotive received $15 Mn in finance from Zoho Corporation and TVS Motor Company.

The start-up asserts that the Ultraviolette F77 can accelerate from 0 to 60 kmph in 2.9 seconds and has a top speed of 140 kmph. According to the startup, the bike would be a smart, connected electric bike with features like OTA updates and remote diagnostics.

Ultraviolette Automotive funding

The eagerly awaited Ultraviolette F77 electric motorcycle is currently being put through test rides by Ultraviolette Automotive, moreover Ultraviolette Automotive will compete against companies like Ola Electric, Ather, TVS, and Hero, among others, if we are talking about electric two-wheelers.

About Ultraviolette Automotive

The bangalore based startup  an electric two-wheeler business that specialises in renewable energy and sustainable transportation.Ultraviolette Automotive was established in 2016 by Narayan Subramaniam and Niraj Rajmohan with their sole mission in life – to redefine mobility.

Ultraviolette Automotive seems to be an interesting startup with spurring new development on motor vehicle manufacturing platform. Congratulations on your startup. May this new business bring you huge success and fulfillment.

Shishir Gupta, Founder and CEO, StartupLanes

Don’t keep wondering about funding, you can also raise funds. Learn how to raise funds here: Yes I want to raise funds.

If you are an emerging startup and are looking for investors to raise funds, StartupLanes has its own angel network and investment banking services and is connected to angel investors and VCs in 15 countries that ensure that our member startups have easy access to external funds to scale up constantly.

You can subscribe to our news posts by entering your email in the box on the right side of this page.

Check out our YouTube channel for insightful content from the Indian startup ecosystem.

Or join our Whatsapp group to interact with other founders: Yes, I want to join the Whatsapp group.

The right investment is key to beating inflation and growing your wealth. Do you wish to become an angel investor? Yes, I want to be an angel investor.

Are you a startup and facing challenges in your business? Do you want to grow your business? It is not as difficult as it sounds. Learn how to grow your business here- Yes, I want to grow my business.