Investment firm TDK Ventures, alongside Zoho and other contributors, contribute $21 million to electric vehicle start-up Ultraviolette.
Ultraviolette, a Bengaluru-based startup that specialises in electric two wheelers and mobility infrastructure for electric vehicles, has secured a significant investment from TDK Ventures. The venture capital firm, associated with electronics maker TDK Corporation, has invested $21 million (Rs 184 crore) in Ultraviolette.
This strategic investment marks a pivotal collaboration aimed at accelerating Ultraviolette's development and global scaling of performance-oriented electric motorcycles. According to the company's CEO and co-founder, Narayan Subramaniam, this partnership advances their efforts in advanced battery platforms and intelligent vehicle systems.
For Ultraviolette, this funding round comes at an opportune time. The startup, which was founded in 2016 by Narayan Subramaniam and Niraj Rajmohan, has been growing steadily. In the financial year ended March 2024, Ultraviolette recorded revenue of Rs 15 crore and a net loss of Rs 61 crore, according to VCCEdge data.
The funding is intended to help Ultraviolette expand its retail footprint across India, scale its presence to over 100 cities, ramp up manufacturing, accelerate research, expand its distribution network, and bring its product portfolio to global markets.
Ultraviolette's expansion plans following the funding are ambitious. The company aims to scale up manufacturing and accelerate research and development of next-generation EV 2-wheelers. It also plans to expand its distribution network significantly, particularly in global markets.
The startup intends to enhance its product portfolio to 14 models by early 2027, building on the launch of flagship models such as the F77 Mach 2 in 2024. Ultraviolette also plans to enlarge its European presence fourfold, where it already operates with about 40 dealers, with ambitious scaling plans set for 2026.
In addition, Ultraviolette is initiating pilot projects and market entry in Latin America and Southeast Asia starting next year (2026), followed by entry into the U.S. and Japan markets.
The partnership with TDK Ventures offers Ultraviolette strategic access to advanced battery technology, power electronics, sensors, and rider-assistance systems, supporting its global ambitions. Ultraviolette aims to position itself as a globally competitive Indian EV brand, leveraging TDK’s “Goodness” and innovation ecosystem.
The investment also aligns with TDK Corporation’s strategic focus areas: IoT, EV mobility, and renewables, thus providing collaborative opportunities for Ultraviolette to innovate deeply in technology to better compete worldwide.
Meanwhile, another startup, Fasal, an agritech firm, has doubled its revenue in FY24 while keeping its loss under control. Omnivore, a venture capital firm, and BII, a venture capital arm of the Bill & Melinda Gates Foundation, have backed Fasal in a divestment of one of its units to Innoterra.
In a separate development, TDK Ventures has appointed a former executive from Ola, a ride-hailing company, to head its India investments. The venture capital firm launched its Bengaluru Innovation Hub in late 2023. TDK Ventures' investment in Zoho Corp, a software development company based in Chennai, India, was also announced recently.
[1] Source [2] Source [3] Source [5] Source
- This investment from TDK Ventures will not only help Ultraviolette expand its business in India, but also enable it to bring its performance-oriented electric motorcycles to global markets, as the partnership advances their efforts in advanced battery platforms and intelligent vehicle systems, thereby positioning Ultraviolette as a globally competitive Indian EV brand.
- The strategic investment in Ultraviolette by TDK Ventures offers an opportunity for collaboration in technology, particularly in the areas of advanced battery technology, power electronics, sensors, and rider-assistance systems, aligning with TDK Corporation’s strategic focus areas: IoT, EV mobility, and renewables.
