Electric vehicle manufacturer Ultraviolette secures $21 million investment from TDK Ventures Japan, along with other contributors.
Ultraviolette Expands Presence Across India and Global Markets with TDK Ventures Investment
Ultraviolette, an electric vehicle (EV) manufacturer based in Bengaluru, India, has received a significant boost in its expansion plans, thanks to a $21 million funding round led by TDK Ventures. This investment marks a strategic partnership that aims to scale Ultraviolette's presence from 20 cities to over 100 cities nationwide and bring its innovative products to global markets.
TDK Ventures, the corporate venture capital arm of TDK Corporation, a Japan-based company, launched its Bengaluru Innovation Hub in late 2023. The venture capital firm specializes in nurturing deep-tech startups around the world and aims to empower exceptional entrepreneurs to scale their technologies globally.
The funding round also saw participation from existing investors Zoho Corporation and Lingotto, as well as other institutional investors. Notable individual investors include 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).
Ultraviolette's product portfolio, which includes the recently launched F77, the first Indian electric two-wheeler (E2W) to receive European Certification and to be sold across 10 countries in Europe, will benefit significantly from this investment. The company is accelerating its research and development and scaling up manufacturing to meet the growing demand for its EVs.
Narayan Subramaniam, CEO and co-founder of Ultraviolette, expressed his excitement about the partnership, stating that it will fast forward their efforts in advanced battery platforms and intelligent vehicle systems. Niraj Rajmohan, CTO and Co-founder of Ultraviolette, reaffirmed their commitment to innovate in deep-tech to shape the future of mobility.
TDK Ventures plans to bring its "TDK Goodness" to Ultraviolette, which includes a focus on sustainable and innovative solutions. The venture capital firm is also excited to support Ultraviolette in its global expansion, particularly in markets where there is a growing demand for electric vehicles.
Ultraviolette is also expanding its distribution network to ensure its EVs are readily available to customers across India and in international markets. The company is backed by TVS Motor Company, Qualcomm Ventures, Speciale Invest, and several other notable investors.
With this investment, Ultraviolette is poised to make a significant impact in the electric vehicle industry, both in India and globally. The company's commitment to innovation, sustainability, and customer satisfaction makes it an exciting player to watch in the coming years.
