Ultraviolette Automotive to raise ₹32.6 crore in extended Series E round
Ultraviolette Automotive Secures ₹32.6 Crore in Extended Series E Round
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Narayan Subramaniam, Founder and CEO, Ultraviolette Automotive | Photo Credit: SOMASHEKARA GRN
Funding Details
Electric vehicle platform and battery technology company Ultraviolette Automotive has successfully raised ₹32.6 crore in an extended Series E1 round. This funding round was led by Winever Industrial Enterprises and Dilip Anand Swadi, with significant participation from Breathe Capital and other investors.
This latest funding round extends the ₹130 crore investment led by Zoho Corporation in December last year, demonstrating continued investor confidence in Ultraviolette’s vision and growth potential.
Company Overview
Founded in 2016 by Preetham Murthy, Niraj Rajmohan, and Narayan Subramaniam, Ultraviolette Automotive has established itself as a leading manufacturer of performance electric motorcycles. The Bengaluru-based company has raised a total of $79.1 million across 13 funding rounds, according to data from tracxn.
Expansion Plans
Ultraviolette Automotive is strategically expanding its presence in regions with strong demand for sports motorcycles. The company plans to focus on cities in the East and key State capitals, building upon its existing presence in twelve Indian cities including Pune, Kochi, Hyderabad, Ahmedabad, Vizag, and Bengaluru.
The company aims to achieve operational breakeven by the second half of next year. Currently, it is profitable at the gross margin level, as confirmed by Narayan Subramaniam, Co-founder and CEO.
Financial Performance
In the financial year 2023-24 (FY24), Ultraviolette reported an operating revenue of ₹15 crore. However, the company incurred a net loss of ₹61.5 crore during this period. This financial performance reflects the company’s investment in growth and expansion while maintaining profitability at the gross margin level.
Future Outlook
With this latest funding injection, Ultraviolette Automotive is well-positioned to accelerate its expansion plans and strengthen its position in the electric vehicle market. The company’s focus on performance motorcycles and battery technology innovation continues to drive its growth in the rapidly evolving EV sector.
The electric vehicle market in India is experiencing significant growth, with companies like Ultraviolette Automotive leading the charge in innovation and sustainable transportation solutions.
Published on May 2, 2025
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