Electric bike startup Ultraviolette is set to raise $10 million in a new round led by Ireland-based fund Exor Co-Invest. This would be the second funding round for the Bengaluru-based firm in the past nine months and the maiden one in 2022.
Ultraviolette passed a board resolution to issue 10 equity and 2,912 Series D shares at an issue price of Rs 2,70,487 each to raise Rs 79 crore or $10 million, as per the firm’s regulatory filing with the Registrar of Companies (RoC). It appears to be a part of a larger round.
Following the fresh proceeds, Exor Co-Invest will hold 3.48% stake in Ultraviolette. As per Fintarckr’s estimates, Ultraviolette will be valued at around $310 million (post allotment). The company’s valuation will surge 51% as compared to its last round when it raised $15 million from TVS Motors and Zoho Corporation at a valuation of $250 million.
Inc42 reported the development first.
The fresh funds have come at a time when Ultraviolette is in process of launching its flagship motorcycle F77 which has three variants: Airstrike, Laser and Shadow. The firm claims that its bike can cover 130-150 kilometres in one go with a set of three batteries.
Seven-year-old Ultraviolette was in a pre-revenue stage as of FY21. While the company had zero operating revenue in FY21, its expenses decreased by 37% to Rs 2.37 crore during the fiscal year ending March 2021. The company is likely to make revenue in the ongoing fiscal year i.e. FY23.
2022 appears to be a notable year for electric vehicle startups. According to the Fintrackr funding report, 31 EV startups have raised funds in the first half of this year (January to June). Electric scooter maker Ola Electric and Ather Energy are the largest fundraisers in this segment in the current year. Early this month, River raised a $11 million Series A round while electric vehicle charging infrastructure company GoEgoNetwork scooped up $8 million in Series A.