Indian EV maker Ultraviolette raises $21 million in funding from Japan's TDK Ventures, others

Bengaluru-based electric vehicle maker Ultraviolette has raised $21 million in funding from Japan-based TDK Ventures, the corporate venture capital arm of TDK Corporation.

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The round also saw participation from existing investors Zoho Corporation and Lingotto (previously Exor Capital), among other institutional investors. The startup is also backed by TVS Motor Company, Qualcomm Ventures, Speciale Invest, and other notable investors, including Sriharsha Majety (Co-founder & CEO, Swiggy), Ankit Nagori (Co-founder, Cure Foods; former Chief Business Officer, Flipkart), Aprameya Radhakrishna (Co-founder, TaxiForSure), and Dulquer Salmaan (renowned actor and automotive enthusiast).

“Mobility is undergoing a radical transformation, and at Ultraviolette, we are leading that change through cutting-edge innovation.Our partnership with TDK Ventures fast forwards our efforts, from advanced battery platforms to intelligent vehicle systems. This collaboration not only accelerates our vision of future ready mobility but also reinforces our commitment to delivering electric vehicles that are aspirational and globally relevant,” said Narayan Subramaniam, CEO and co-founder of Ultraviolette.

Ultraviolette is actively expanding its retail footprint across India, scaling from its current presence in 20 cities to over 100 cities nationwide. Notably, its recently launched F77 became the first Indian E2W to receive European Certification and to be sold across 10 countries in Europe.

The startup is also scaling up manufacturing, accelerating research, expanding its distribution network, and bringing its product portfolio to global markets.

“Through this partnership with TDK Ventures, Ultraviolette will continue to innovate in deep-tech to shape the future of mobility. Together, we will continue to push the boundaries in building safer, smarter, and a more efficient electric mobility eco-system,” said Niraj Rajmohan, CTO and Co-founder of Ultraviolette.

In late 2023, TDK Ventures launched its Bengaluru Innovation Hub to empower India’s exceptional entrepreneurs to scale their technologies globally by leveraging its expertise in nurturing deep-tech startups around the world.

“We look forward to bringing our TDK Goodness to Ultraviolette and their ambitious plan to design the next generation of energy efficient and performance EV 2W platforms. TDK Ventures is excited to support Ultraviolette in their relentless pursuit of growing their global reach," said Ravi Jain, Investment Director of TDK Ventures.