Indian electric bike maker Ultraviolette raises $45 million from Zoho and Lingotto

Indian EV startup Ultraviolette today announced that it has raised $45 million as part of its ongoing Series E funding round led by Chennai-based SaaS giant Zoho and Lingotto, a Europe-based investment management company.

The development comes nearly four months after it raised $21 million from Japan-based TDK Ventures, the corporate venture capital arm of TDK Corporation.

“We are glad to announce our Series E investment from Zoho and Lingotto,” said Narayan Subramaniam, Co-Founder & CEO, Ultraviolette.

“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.”

Founded in 2016 by Narayan Subramaniam and Niraj Rajmohan, Ultraviolette is actively expanding its retail footprint across India. Notably, its F77 electric sports bike became the first Indian E2W to receive European Certification and to be sold across 10 countries in Europe.

The startup will use the capital to scale up its F77 bike and the recently launched X-47 crossover motorcycle. The funding will also be deployed to advance the upcoming product platforms, codenamed Shockwave and Tesseract.

Niraj Rajmohan, CTO & Co-Founder, Ultraviolette, said, “With the ongoing Series E investments, we are doubling down on growth and expanding our 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.”