Indian EV startup Ultraviolette receives ₹30 Cr funding from TVS Motor Company
TVS Motor Company has recently announced an investment of ₹30 crore in the EV startup Ultraviolette. It was announced in the latest round of Series B funding.
The company has previously invested ₹5 crore in Ultraviolette in 2017, for a 14.87% stake. For the record, the EV startup Ultraviolette commenced its operations in 2015.
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The startup revealed the pre-production version of the F77 electric bike last November. The EV maker claims that the F77 electric bike is India's first and only high-performance electric bike currently. Ultraviolette is aiming for the launch of F77 in early 2021. It plans to expand business throughout the country in a phased manner.
"We have seen significant advancements in the transportation and mobility industry globally, with an increased demand for personal mobility in recent times. We also see rapid growth in the Indian two-wheeler industry with a special focus on electric vehicles, and it is in this context that we set out to create the F77 - India's first high-performance motorcycle," said Narayan Subramaniam, Founder and CEO, Ultraviolette Automotive Pvt. Ltd.
The Ultraviolette F77 sources power from an air-cooled brushless DC (BLDC) motor. This unit has been rated for an output of 25 kW (33.5 bhp) and 450 Nm. Yes, you read that right, that's 450 Nm at the rear wheel.
The EV maker claims that the bike has a top speed of 47 kmph and is capable of accelerating from 0-100 kmph in 7.5 seconds. The motorcycle will feature three riding modes - Eco, Sport and Insane. As far as launch price goes, expect the F77 to start from somewhere around ₹3 lakh to ₹3.5 lakh.
Subramaniam added, "TVS Motor Company has always shared our passion for building globally competitive and futuristic mobility solutions, and we are excited about our continued partnership with them."