Ultraviolette will reportedly use the cash flow to get prototype bikes into production over the next quarters.
Ultraviolette, the E-motorcycle startup, is planning for a major fund raising round. After an overall estimated funding of ~$5M, the company’s next step will be a sum of up to $75M in the next 12 to 14 months. As reported by livemint, the company plans to produce their F77 model and sell up to 10,000 units of it.
It’s well known that EV manufacturing, be it 2 or 4 wheels, is a funding heavy space. The company started with a rather modest amount, and resulted in a prototype motorcycle they unvailed late last year. Now coming into production, they will be raising this capital mostly through equity, and some portion through debt, for this series C fund raiser.
Ultraviolette is backed by a major company in India, the TVS Motor Company, which is publicly traded in NSE (India’s National Stock Exchange). The current funding will allow Ultraviolette to scale their model’s production and build their brand for a better position in the market.
After delay in their launch of the F77 (Due to covid) the have rescheduled that date for mid next year. As the company looks ahead into 2023-2024, they strive to be a dominant player in the EV mobility, as said by Narayan Subramaniam (Co-Founder): “By 2023-24, we are looking to be a dominant player in the electric mobility segment. We are developing a lot of the battery technology in-house, we are also working on the other parts including the vehicle architectures and their scalability to different segments and platforms. We are more of a technology company in the automotive industry“
Via: Livemint