Leading two- and three-wheeler manufacturer TVS Motor Company Ltd has increased its stake in the electric motorcycle startup Ultraviolette Automotive Pvt Ltd from 25.76% to 29.48% by investing an additional sum of ₹30 crore, the company said in a regulatory filing on Wednesday. The said investment is part of Ultraviolette’s series B funding.
The maker of Apache range of motorcycles had earlier invested ₹11 crore in the shares of the Bengaluru-based startup including ₹5 crore in the latter’s preference shares last fiscal.
Ultraviolette, which had unveiled the pre-production version of its first electric motorcycle F77 in November last year, is preparing to manufacture the vehicle. The commercial launch, which is delayed by a few months due to the pandemic, is now slated for next year.
Positioned as India’s first performance-oriented electric motorcycle, the F77 was unveiled in three variants – lightning, shadow and laser last year with a price range of ₹300,000- ₹325,000 (on-road).
Even as the four-year old startup has designed and developed the EV ground up locally, it is not looking to ride on the subsidies granted under the government’s Fame-2 scheme (faster adoption and manufacturing of hybrid and electric vehicles in India). The subsidies under Fame 2 are available on electric two-wheelers priced lower than ₹150,000.
While Ultraviolette plans a phase-wise roll out of its F77 starting from Bengaluru next year, it also plans to set up its own charging infrastructure in the future.
“Ultraviolette Automotive continues to demonstrate excellent engineering and technological capabilities and innovativeness in developing high-performance electric motorcycles,” said Manu Saxena, vice president, future mobility and dealer transformation, TVS Motor Co.
Narayan Subramaniam, founder and chief executive officer at Ultraviolette Automotive said that the startup has been conducting track and road tests on the F77 adjusting and modifying its specifications.
“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,” the founder said.
This article was first published on livemint.com