Ultraviolette secures $21M with participation from TDK Ventures

Ultraviolette Automotive has announced an investment from TDK Ventures, the corporate venture capital arm of TDK Corporation (TSE: 6762). The funding is part of a $21 million investment round, which also saw participation from existing investors Zoho Corporation and Lingotto (formerly Exor Capital), along with other institutional and individual investors.

Ultraviolette plans to expand its retail network in India from 20 cities to over 100 and increase international sales. The company’s electric motorcycle, the F77, has received European certification and is sold in 10 European countries.

According to Ultraviolette, the partnership with TDK Ventures will focus on developing electric mobility platforms and advancing battery technologies. The company’s current group of institutional investors includes Qualcomm Ventures, Zoho Corporation, Speciale Invest, Lingotto (a subsidiary of Exor N.V.), and TVS Motor Company. Other 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 (actor and automotive enthusiast).

Ultraviolette was established in 2016 by Narayan Subramaniam and Niraj Rajmohan to develop electric vehicles with integrated vehicle and battery technology. The F77 model was introduced after several years of research and development. The company is working on scaling manufacturing, expanding distribution, and entering new markets.

“Mobility is undergoing a radical transformation, and at Ultraviolette, we are leading that change through cutting-edge innovation. Our partnership with TDK Ventures fast forwards our efforts, from advanced battery platforms to intelligent vehicle systems. This collaboration not only accelerates our vision of future ready mobility but also reinforces our commitment to delivering electric vehicles that are aspirational and globally relevant”, stated Narayan Subramaniam, CEO and Co-founder of Ultraviolette.

Niraj Rajmohan, CTO and Co-founder of Ultraviolette, commented, “Through this partnership with TDK Ventures, Ultraviolette will continue to innovate in deep-tech to shape the future of mobility. Together, we will continue to push the boundaries in building safer, smarter, and a more efficient electric mobility eco-system.”

TDK Ventures invests in startups operating in energy, mobility, and sustainability sectors. Its investment in Ultraviolette follows the launch of its Bengaluru Innovation Hub in 2023, intended to support Indian startups with global expansion.

Ravi Jain, Investment Director of TDK Ventures, commented, “We look forward to bringing our TDK Goodness to Ultraviolette and their ambitious plan to design the next generation of energy efficient and performance EV 2W platforms. TDK Ventures is excited to support Ultraviolette in their relentless pursuit of growing their global reach.”

Also read: Ultraviolette launches F77 electric motorcycle across ten European markets