Electric bike startup Ultraviolette raises $21 Mn led by TDK Ventures

Bengaluru-based electric motorcycle maker Ultraviolette has raised $21 million in a strategic funding round led by TDK Ventures, the corporate venture capital arm of Japan’s TDK Corporation. 

Existing investors Zoho Corporation and Lingotto (formerly Exor Capital), along with other institutional and angel investors including Sriharsha Majety (Swiggy), Ankit Nagori (Curefoods), Aprameya Radhakrishna (TaxiForSure), and actor Dulquer Salmaan, also participated.

Entrackr had exclusively reported that the company is set to raise a new round in May 2025. 

The funds will be used to boost manufacturing, develop advanced battery and smart vehicle technologies, and expand Ultraviolette’s network from 20 to over 100 cities in India. The company also plans to enter global markets.

Founded by Narayan Subramaniam and Niraj Rajmohan, Ultraviolette designs performance-oriented, aspirational EV two-wheelers aimed at international competitiveness.

According to startup data intelligence platform TheKredible, Ultraviolette Automotive has raised around $79 million to date from investors including TVS Motors, Mudhal Partners, Zoho Corporation and others. 

For the fiscal year ended March 2024, the company reported an operating revenue of Rs 15 crore against Rs 8.7 crore in FY23. During the same period, Ultraviolette incurred a loss of Rs 61.6 crore. 

While Ultraviolette has yet to file its annual report for FY25, the company sold  543 vehicles in the last financial year. It competes with Tork Motors, Revolt Motors and Ola Electric’s Roadster, among others.