TVS Motor Company invests ₹30 cr in electric vehicle start-up
TVS Motor Company has invested an additional ₹30 crore in electric vehicle start-up Ultraviolette Automotive Pvt Ltd.
The Chennai-based firm’s fresh investment is part of Ultraviolette Automotive’s latest round (Series B) of funding, TVS Motor Co said in a regulatory filing.
In 2018, TVS had invested ₹6 crore in Ultraviolette Automotive.
Commenting on the additional investment, TVS Motor Co Vice President (Future Mobility & Dealer Transformation) Manu Saxena said: “Ultraviolette Automotive (UV) continues to demonstrate excellent engineering and technological capabilities and innovativeness in developing high-performance electric motorcycles.”
He further said: “TVS Motor is excited to see the progress and developments made by the UV team and we are confident that these actions will go a long way towards establishing a greener future for India.”
Ultraviolette Automotive Founder and CEO Narayan Subramaniam said: “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.”
Three years back Ultraviolette Automotive announced plans for developing a high-performance electric motorcycle – the F77. Last year in November, it unveiled the pre-production version of the electric bike.
“We unveiled the motorcycle less than a year ago, and since then, we have achieved significant strides in making the F77 production-ready,” Subramaniam said.
The Ultraviolette F77 will first be rolled out next year with expanding national availability planned in phases, the company said.