India: Ultraviolette Automotive raises funding from Qualcomm, Lingotto

India: Ultraviolette Automotive raises funding from Qualcomm, Lingotto

A sign on the Qualcomm campus is seen, in San Diego, California, U.S. November 6, 2017. REUTERS/Mike Blake

TVS Motor-backed electric bike maker Ultraviolette Automotive has raised funding from Qualcomm Ventures and Lingotto, the largest shareholder in Ferrari, as it looks to expand its operations and ramp up technology.

This marks a part of the Series D round for the company.

While the exact amount that Ultraviolette Automotive has raised in the latest round could not be ascertained, a report in The Economic Times pegged it at around $25 million.

The funding comes in at a time when the startup has been making headlines for the launch of its electric two-wheeler Ultraviolette F77. It is understood to have started taking pre-orders last month to deliver its first batch of motorcycles in Bengaluru.

Its F77 electric motorcycle comes in three trims — Shadow, Lightning, and Laser.

Earlier in August, the company had raised an undisclosed amount in funding in its Series D round led by Exor Capital. It also counts Zoho Corporation among its backers.

Established in 2016, Ultraviolette offers sustainable mobility and energy infrastructure solutions.

Of late, EV startups have caught the fancy of investors significantly. Among those who have raked in funding include startups such as River and GoEgoNetwork.

Qualcomm Ventures manages over $2 billion in assets across countries such as China, India, Israel, and Korea, besides the US and Europe, and has over 150 companies in its portfolio.

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