Ultraviolette raises $45 mn from Lingotto, Zoho to fund market expansion

Ultraviolette, a Bengaluru-based firm that manufactures performance electric motorcycles, on December 4 stated that it had raised $45 million as part of an ongoing Series E round, from Zoho Corporation, and Lingotto, an Italian investment firm associated with global performance brands, including Ferrari.

According to Ultraviolette, this growth capital will accelerate its domestic and international scale-up of current products F77 and X-47, and future product platforms Shockwave and Tesseract.

Narayan Subramaniam, co-founder & CEO, Ultraviolette, said, “Lingotto’s legacy of backing iconic performance and mobility brands, combined with Zoho’s long-term commitment to fostering cutting-edge Indian innovation, aligns perfectly with Ultraviolette’s mission to build category-defining electric mobility solutions for India and global markets.”

Niraj Rajmohan, CTO & co-founder, Ultraviolette, said, “With the ongoing Series E investments, the firm is doubling down on growth and expanding its production to meet increasing demand. Our focus is on advancing breakthrough battery technology, elevating performance capabilities and expanding production to support upcoming product platforms. This investment will accelerate our journey towards scaling into India and global markets.’’

The investment from Zoho Corporation was led by Sridhar Vembu, Mani Vembu and Kumar Vembu.