Ultraviolette Automotive Raises $21 Million Led by TDK Ventures

Ultraviolette Automotive, a Bengaluru-based electric two-wheeler manufacturer, has secured USD 21 million in a strategic funding round led by TDK Ventures, the corporate venture capital arm of Japan’s TDK Corporation.

The round saw participation from existing backers Zoho Corporation, Lingotto (formerly Exor Capital), and other institutional and angel investors, including Sriharsha Majety (Co-founder & CEO, Swiggy), Ankit Nagori (Co-founder, Cure Foods), Aprameya Radhakrishna (Co-founder, TaxiForSure), and actor Dulquer Salmaan. Prominent past investors also include Qualcomm Ventures, Speciale Invest, and TVS Motor Company Limited.

Expansion & Technology Roadmap

The fresh capital will be deployed to scale Ultraviolette’s manufacturing capacity, enhance battery and smart vehicle technologies, and expand its retail footprint from 20 cities to over 100 across India. The company also plans to strengthen its global presence.

Founded in 2016 by Narayan Subramaniam and Niraj Rajmohan, Ultraviolette is known for its flagship F77 electric motorcycle - the first Indian electric two-wheeler to gain European type approval certification, now available in 10 European countries.

Industry Context & Competition

Ultraviolette operates in a competitive segment alongside Tork Motors, Revolt Motors, and Ola Electric’s Roadster. According to TheKredible, the company has raised about USD 79 million to date. For FY24, it reported INR 15 crore in operating revenue, up from INR 8.7 crore in FY23, but posted a net loss of INR 61.6 crore. Last year, Ultraviolette sold 543 vehicles.

TDK Ventures in India

TDK Ventures, which focuses on deep-tech solutions in energy, mobility, and sustainability, established a Bengaluru-based Innovation Hub in 2023 to support Indian entrepreneurs in scaling their technologies globally.

India’s EV Scene

India seeks to attain a 30 percent share of electric vehicles in the total vehicles sold by 2030. Sales of EVs in India stood at 2.08 million in 2024. As per IBEF data, EV sales grew by 16.9 percent in FY25 to 1.97 million units, up from 1.75 million in FY24. While electric passenger vehicles crossed the 100,000 units mark with 18.2 percent growth, e2w registrations rose 21.2 percent to 1.15 million units. The e3w sector saw a 10.5 percent rise to around 700,000 units in FY25.

India’s auto component industry is poised to see INR 25,000-30,000 crore (USD 2.89-3.46 billion) investment in FY26 for capacity expansion and EV parts.

By Arrangement with Entrackr.com