Aug 14: TVS Motor Company has invested Rs 6 crore in Ultraviolette Automotive Pvt Ltd, a Bangalore-based company that caters to electric mobility solution requirements. The investment has been made as a part of the Series-A funding from the motorcycle manufacturer.
The amount invested will be used by Ultraviolette towards research and development. The company said in its statement that the funding will be made use for setting up and expanding R&D facilities, as well as for continued product engineering with regard to battery modules, electric powertrains and connected technology.
TVS Motor Company Chief Financial Officer K Gopaladesikan has been quoted as saying that the investment was made on account of the potential of the Ultraviolette Automotive. He said that Ultraviolette’s vision revolved around bringing innovative and sustainable electric vehicles in India. He also expressed confidence in the company, adding that it was heading in the right direction to pave the way for electric mobility in the country.
According to a report quoting Ultraviolette Automotive Founder and CEO Narayan Subramaniam, the support of TVS Motor would help the company in realizing its goal of delivering superior electric vehicle in India. Ultraviolette Automotive is foreseeing the dominance of electric motorcycle in the 200-250cc segment over the traditional motorcycles that come with internal combustion engines.
Ultraviolette Automotive, which was founded in 2015, is currently on the works for an electric motorcycle in the 250cc category that would make use of energy efficient technology. The company is also focusing to differentiate its e-bike through novel designing. TVS had previously acquired a 15% state in a company through a deal that involved money flow of Rs 5 crore. The additional investment comes shortly after market leader Hero made investment in e-scooter startup Ather Energy.