Bengaluru-based electric vehicle start-up, Ultraviolette Automotive, has announced expanding its Series D round with new investments from Qualcomm Ventures and Lingotto. The company says that the undisclosed amount funding will be used for ramping up its presence in India, subsequent expansion in international markets, and strengthening its technological capabilities and prowess. Right now, Ultraviolette is gearing up to launch its first electric vehicle, the F77 motorcycle, in India on November 24, 2022.
Also Read: Ultraviolette F77 Electric Motorcycle Production Trials Begin
Commenting on the investment, Narayan Subramaniam, Co-Founder and CEO, Ultraviolette stated, “As we countdown to the commercial launch of the F77 in India, this investment is a testament to the fact that we have been able to create a distinct identity for Ultraviolette and the F77 and build aspiration for the product across global audiences. We are thrilled to have Qualcomm Ventures and Lingotto back us in our vision of redefining the future of electric mobility and making the F77 a global phenomenon.”
Ultraviolette is gearing up to launch its first electric vehicle, the F77 motorcycle, in India on November 24, 2022.
Qualcomm Ventures has over 150 portfolio companies in its portfolio and manages over $2 billion in assets across the United States, China, India, Israel, Europe, Latin America, and Korea. It is known to invest in companies focused on 5G, Artificial Intelligence, Automotive, IoT, Enterprise and Cloud, and XR/Metaverse. Quinn Li, Senior Vice President, Qualcomm Technologies, Inc. and global head of Qualcomm Ventures, said, “We look forward to the acceleration of the transformation that is already underway within the automotive industry by enabling companies, such as Ultraviolette, with not only access to capital but also the opportunity to potentially leverage Qualcomm’s world-class technology innovations.”
The upcoming Ultraviolette F77 electric motorcycle is said to have a claimed range of up to 307 kilometres on a single charge.
Lingotto, formerly known as Exor Capital, is a fully owned subsidiary of EXOR N.V which has the largest or controlling stakes in companies including sports car maker Ferrari (RACE.MI), Stellantis (STLA.MI) CNH Industrial (CNHI.MI), Iveco Group (IVG.MI), The Economist Group, Via and the soccer team Juventus (JUVE.MI). Nikhil Bawa Srinivasan, Managing Partner at Lingotto said, “Our continued support for Ultraviolette rests in our belief in what should be a market-defining product.”
Commenting on the company’s future roadmap, Niraj Rajmohan, Co-Founder and CTO, Ultraviolette, stated, “While we focus on commercial availability of the F77 in India, we are also actively building the roadmap for our subsequent expansion in international markets, and this capital infusion will be integral in augmenting our efforts in some of these markets.”
The upcoming Ultraviolette F77 electric motorcycle is said to have a claimed range of up to 307 kilometres on a single charge. Pre-orders for the EV began on October 23, while the market launch is slated for November 24. The company will roll out the product in a phased manner, with the first batch of motorcycles being delivered in the city of Bangalore.
