British startup Arrival raised $118 million for developing E-commercial vehicles
British electric vehicle startup Arrival has raised $118 million from U.S. funds manager BlackRock Inc. The Arrival is focused on the development of electric commercial vehicles which includes vans and buses.
British startup Arrival raised funds
Earlier it has raised $111 million from Korean automaker Hyundai Motor Co and sister company Kia Motors Corp, as well as an undisclosed amount from United Parcel Service. Arrival’s latest funding round valued at $3.3 billion by investor website PitchBook. Arrival has an order for 10,000 electric delivery vans from UPS, with an option for another 10,000.
It is the potential rival to U.S startup Rivian which is backed by Ford Motor and Amazon. It is also building 100,000 electric delivery vans for Amazon.
Ultraviolette Automotive electric bike startup to raise up to $75 mn
An electric motorcycle startup in India Ultraviolette Automotive Private Limited plans to raise up to $75 million in the next 12-14 months, across series B and C rounds. The TVS Motor Company-backed startup will raise the fund via equity and a small portion of the debt in series C next year adding that the startup currently will be valued at $50 million.
The raised funds will be utilised in the prototype bikes into production over the next three quarters, scaling up the operations, team expansion and in the R&D of in-house developed lithium-ion battery technology.
The startup after 4 years of Research and Development, Ultraviolette Automotive Private Limited launched its high-performance electric motorcycle, Ultraviolette F77. It is a super electric bike which can accelerate 0-60kmph in 3 seconds and 0-100kmph in 7.03 seconds.
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