Ultraviolette Automotive electric bike startup to raise up to $75 mn
An electric motorcycle startup 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.
Ultraviolette Automotive electric bike startup
“Electric vehicle manufacturing is a very capital-intensive domain. This means that it is not just about early-stage R&D or growth capital or international expansion. There are multiple stages a company will have to go through. For us, this is just the beginning,” said Niraj Rajmohan, founder and CTO, Ultraviolette Automotive.
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.
“Our investors will be strategic as they will bring not only funding but also capabilities around IPR, branding, scaling up operations overseas at the right time, among other areas,” said Narayan Subramaniam, founder and chief executive officer.
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.
It comes in 3 colour variants-lighting, shadow and laser and the bike is on sale in Bengaluru. It works on a 25kW BLDC motor with 450NM of torque at the wheel and gives a range of 150 km on a single charge. It gets a DC fast charging capability. It is a lightweight bike with a kerb weight of 158kg. It has a lithium-ion battery and has 7 international patented filed with highly intelligence battery management system.
The batteries used in this bike are three times more powerful when compared to any other batteries. It works with three modular battery packs which are removable and lightweight. Each battery weighs only 8.5 kgs. The bike can be charged in just 50 minutes up to 80% using a fast charger. The company is also providing a CCS Type-2 Charge Port to support both AC and DC charging from public infrastructure.
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