TVS Motor is infiltrating more in Ultraviolette EV

Ultraviolette EV has announced that they have received Rs.30 Cr as apart of Series B investment from TVS motors today.

The picture was taken during the F77 Launch event

The EV is the future of transportation as almost all the automobile companies are trying to enter or establish their own EV product line. Companies like TESLA, Rivian, AUDI, BMW and a few others had already made their impression in EV. But in India, the story is different because there are very few EV players on a small scale level. Companies like TATA and Hero moto corp are investing nickles and dimes many EV startups like Tork motors and Ather Energy.

An Inside outlook to F77

Likewise, TVS motors have invested in Ultraviolette Automotive an EV startup based on Karnataka, India. They made an initial investment of Rs.11 Cr around 2017, Then extended their investment by preference share of Rs.5 Cr in last fiscal. But in today’s news Ultraviolette Automotive has said that they have risen another Rs.30 Cr as a part of their Series B funding which increased TVS motors stake in the company from 25%(app.) to 29%(app.). This will help them to accelerate the production of their newly unveiled vehicle F77 which is high tech, eco-friendly and inspired by aviation industry two-wheeler, This was the companies First launch event since the establishment. The bike will come out to the market mostly by next year said Narayan Subramaniam, founder and CEO of Ultraviolette Automotive he also mentioned that “We have built a robust technology platform to support enhanced user experience. We unveiled the motorcycle less than a year ago, and since then, we have achieved significant strides in making the F77 production-ready”

Unveiling the sound of F77 during November 2019 event

If this they could keep up their promises and deliver a high tech eco-friendly bike by next year which the company has unveiled in late 2019 and make a hit in the market. That would make thing interesting for both TVS motors and Ultraviolette Automotives. But until then let’s wait and watch how Ultraviolette is going to impress the Indian customers and TVS motors their lead investor.