Ultraviolette Raises Undisclosed Amount From GoFrugal Technologies In Series B Funding

Ultraviolette, an EV start-up has raised an undisclosed amount from GoFrugal Technologies in Series B funding. Kumar Vembu, CEO, GoFrugal Technologies, had earlier invested in Ultraviolette in its first round of funding and now joins TVS Motor Company, who had invested Rs. 30 crore in Ultraviolette in Series B funding about a month and a half ago. TVS had already invested Rs. 5 crore in Ultraviolette in 2017. Ultraviolette started its operations in 2015 and Ultraviolette unveiled the pre-production version of the F77 electric motorcycle in November 2019. It claims it to be India's first high-performance electric motorcycle. Now, the company is gearing up towards the launch of F77. The company is looking at an early 2021 launch for the F77 and plans to expand its footprint in the country in a phase-wise manner.

Also Read: TVS Invests Rs. 30 Crore In Ultraviolette

(The Ultraviolette F77 will have a dedicated charging network, starting with Bengaluru, followed by other cities)

Narayan Subramaniam, Founder and CEO, Ultraviolette Automotive Pvt. Ltd. said, "Mr. Kumar Vembu has been a long standing partner in our journey towards building a superior EV experience in India and we are thrilled about his continued support in this round of investment as well. At Ultraviolette Automotive, our ambition has always been to create a visible and tangible impact in the personal mobility industry, by developing products and solutions that are indigenously built, technologically disruptive and that reflects the unlimited potential for innovation across every aspect of design engineering. Mr. Kumar Vembu's investment comes at a great time as we work towards launching our motorcycle in the market and we look forward to a long-term association with him."

Also Read: Ultraviolette F77 Electric Motorcycle Unveiled

(Ultraviolette F77 Electric Motorcycle)

Speaking about the investment in Ultraviolette Automotive, Kumar Vembu, CEO, GoFrugal Technologies said, "As the country moves towards smarter and sustainable transportation solutions, Ultraviolette Automotive is playing an distinct role in shaping the perception of electric vehicles, and consequently driving its adoption in India. The F77 is an evocative and compelling mobility alternative for consumers in India and since the unveiling, the company has made significant progress towards launching the motorcycle in the market. We see immense promise in Ultraviolette Automotive's vision of building high performance electric mobility solutions and leading the movement in transforming the future of mobility in the country."

GoFrugal is a digital-first company which was established in 2004 and it provides cloud and mobile ERP solutions to retail, restaurant and distribution businesses.