Staff Writer
New Delhi: Ultraviolette Automotive has raised 45 million dollars in fresh funding from Zoho Corporation and Lingotto as part of its ongoing Series E round. The investment comes at a time when electric vehicle manufacturers are seeking capital to scale production, strengthen supply chains and push into new markets. It also aligns with Ultraviolette’s move to ramp up deliveries of its X-47 crossover motorcycle, which has seen growing demand since launch.
Co-founder and CEO Narayan Subramaniam said demand for the company’s products has accelerated sharply, prompting an expansion of production capacity. The current plant has added shifts, another line is being installed and a separate facility is expected to go live next year. He added that the funding will support development of new products, including the Shockwave and Tesseract platforms, as well as the company’s distribution scale-up.
Zoho’s participation was led by Sridhar Vembu, Mani Vembu and Kumar Vembu. Lingotto, a long-time backer of high-performance brands such as Ferrari, also extended its support. Ultraviolette’s wider investor base includes TVS Motor, Qualcomm Ventures, TDK Ventures and Speciale Invest. The company is also in talks with state governments for a new manufacturing facility as it broadens its focus toward the affordable EV segment.
CTO and co-founder Niraj Rajmohan said the investment will help advance battery technology, improve performance and expand production capacity to meet rising demand. He noted that the firm is preparing to enter additional markets. The X-47 is already retailing in India, and Europe is expected to open in February once certifications are complete. The new plant and product platforms are slated to go live in 2026.
Founded in 2016 by Subramaniam and Rajmohan, who have known each other since childhood, Ultraviolette first gained attention with its high-performance F77 motorcycle. The company has since expanded to 30 cities in India and aims to reach 100 by mid-2026. It recently launched the F77 in the United Kingdom, taking its presence to 12 European markets.
Production of the X-47 series has begun at Ultraviolette’s Electronic City plant as the company moves into the mass-market category. The X-47 is priced at 2.49 lakh rupees (ex-showroom), compared to the F77 Mach 2 at 3 lakh rupees and the F77 Mach 2 Recon at 3.99 lakh rupees.
On the possibility of a public listing, Subramaniam said an 18 to 24-month window would be an appropriate time to begin the process, adding that an IPO is an outcome of growth rather than a goal in itself.
For FY25, Ultraviolette reported revenue of 32.3 crore rupees, double the previous year, but its net loss widened by 89 percent to 116.3 crore rupees. Rajmohan said the company maintains positive gross margins on every unit sold and expects operating EBITDA break-even in late 2026, with full break-even projected for 2027.
