Ultraviolette Automotive, a technology startup working on electric two-wheelers and energy infrastructure, announced that it has raised funds as part of Series B funding led by Kumar Vembu, CEO of GoFrugal Technologies, according to YourStory report.
Earlier in September, the startup raised Rs 30 crore from TVS Motor Company, as a part of its ongoing Series B funding.
Founded in 2017 by Narayan Subramaniam and Niraj Rajmohan, Ultraviolette Automotive develops products and systems that reflect a progressive ideology, as well as builds an electric vehicle ecosystem for this urban environment. The company had started by building EVs for the European markets. The startup soon pivoted and focused on the Indian market.
Commenting about the investment, Kumar Vembu, CEO of GoFrugal Technologies said, “As the country moves towards smarter and sustainable transportation solutions, Ultraviolette Automotive is playing a distinct role in shaping the perception of electric vehicles, and consequently driving its adoption in India. The F77 is an evocative and compelling mobility alternative for consumers in India and since the unveiling, the company has made significant progress towards launching the motorcycle in the market.”
Speaking on the development, Narayan Subramaniam, Founder and CEO of Ultraviolette Automotive Pvt Ltd, said, “At Ultraviolette Automotive, our ambition has always been to create a visible and tangible impact in the personal mobility industry, by developing products and solutions that are indigenously built, technologically disruptive and that reflects the unlimited potential for innovation across every aspect of design engineering.”
“Our goal is to help influence our country and in due course of time, the world towards a smarter and more energy efficient future and we will continue to push our boundaries on this front. Kumar Vembu’s investment comes at a great time as we work towards launching our motorcycle in the market and we look forward to a long-term association with him,” added Narayan.
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