Ultraviolette raises $45 million from Zoho Corporation, Lingotto in Series E round

Ultraviolette Founders

Ultraviolette Automotive has secured $45 million in fresh funding from Zoho Corporation and Lingotto, an investment firm linked to Exor and a long-time backer of Ferrari, as part of its ongoing Series E round.

The round comes as electric vehicle manufacturers seek capital to scale production and expand internationally and coincides with the company’s efforts to step up deliveries of its X-47 crossover motorcycle amid rising demand.

"Demand has started to scale up very rapidly for our products. In our current plant, we have already increased capacity by adding shifts. We are adding another line to the existing plant, and another facility is scheduled to come online next year,” Ultraviolette co-founder and CEO Narayan Subramaniam told Moneycontrol.

The investment also goes into the new products, the Shockwave and the Tesseract, and “our scale-up in terms of distribution”, he said.

The firm, which also counts TVS Motor, Qualcomm Ventures, TDK Ventures,  and Speciale Invest among its investors, is in talks with state governments for new facility as it broadens focus to affordable EV segment

“With the ongoing Series E investments, we are doubling down on growth and expanding our production to meet increasing demand,” CTO and co-founder Niraj Rajmohan said.

The company aims to advance battery technology, enhance performance and support upcoming product platforms.

Also read: TVS-backed Ultraviolette in talks with state governments for new facility as it broadens focus to affordable EV segment

On new launch timeline, Rajmohan said the firm would be entering newer geographies.

“The X-47 is retailing in India. Europe is planned for February after completing certifications. The new plant and the new products will go live in 2026," he said.

Founded in 2016 by Subramaniam and Rajmohan, who are childhood friends, Ultraviolette made its mark with the high-performance F77 electric motorcycle.

Now, the startup has begun production of its X-47 series at its Electronic City plant, signalling its intent to expand into the mass-market segment.

The X-47 Crossover model is priced at Rs 2.49 lakh (ex-showroom), lower than the F77 Mach 2, which is priced at Rs 3 lakh and F77 Mach 2 Recon at Rs 3.99 lakh.

The company is present in 30 Indian cities and plans to reach 100 by mid-2026. Its F77 motorcycles were recently launched in the UK, expanding its footprint to 12 European markets.

In terms of IPO, Subramaniam said “An 18 to 24-month window would be the right time to start the process. For us, the IPO is an outcome, not an effort just for that outcome.”

In FY25, Ultraviolette reported a doubled revenue of Rs 32.3 crore but also saw its net loss widen by 89 percent to Rs 116.3 crore.

“From a unit economics standpoint, we have had positive gross margins on every product ever sold. We are looking at operating EBITDA break-even in the later part of 2026, and full EBITDA break-even in 2027," Rajmohan said.