Ultraviolette Automotive, an electric two-wheeler and energy infrastructure startup has raised Rs 6 crore in extended Series A round from TVS Motor Company.
Earlier in December, last year, TVS Motor had infused around Rs 5 crore for about 15 per cent stake in the Bengaluru-based startup.
The fresh funds will be deployed for product engineering and further expansion of the core R&D team and facility.
Incorporated in December 2015 by Niraj Rajmohan and Narayan Subramaniam. Ultraviolette deals with designing and developing premium look motorcycles in 200-250cc segment and battery packs.
Till now, it has tested three prototypes, however, has not launched an electric two-wheeler yet.
These vehicles are high-end IoT interface enabled that can be accessed through a smartphone and can be tracked on a real-time basis.
Besides, the startup is building a high-performance electric motorcycle which will be enabled with features such as onboard diagnostics, preventive maintenance, and ride customisation.
Ultraviolette had reported a total revenue of Rs 321,000 in 2016-17, shooting up from Rs 31,570 in 2015-16. The financial data for 2017-18 is yet to come.
Apart from TVS, country’s largest two-wheeler maker Hero MotoCorp had invested in home-grown electric vehicle startup Ather Energy.
As of now, Bajaj Auto, Honda Motorcycle and Scooter, Mahindra 2 Wheelers and India Yamaha Motor have been trying to push their electric two-wheelers in the Indian market but yet to launch any product.
In the luxury electric two-wheeler segment, US bike manufacturer Harley-Davidson also wants to test itself on Indian turf. The company had announced that it would manufacture electric motorcycle and bring them to the Indian market by mid-2019.
The development was reported by Moneycontrol.