TVS Motor raises stake in EV start-up for Rs 30 crore

The latest investment is part of Ultraviolette’s Series B round of funding. As of FY20-end, it held 25.76 percent stake in the startup. This is also the third time it bought stakes in Ultraviolette since its maiden investment back in 2017.

 Ultraviolette in engaged in building what it claims to be ‘India’s first high-performance electric motorcycle – the F77’. The latter was first showcased in 2019 and aims to launch officially next year. The startup claims that the F77 can outperform a 200250cc motorcycle.

 Manu Saxena, VP (Future Mobility and Dealer Transformation), TVS Motor, said, “We are excited to see the progress and developments made by the UV team and are confident that these actions will go a long way towards establishing a greener future for India.” 

Ultraviolette claims the F77 is a smart and connected electric motorcycle that comes with remote diagnostics over-the-air (OTA) upgrades, regenerative braking, multiple ride modes, bike tracking, ride diagnostics and a whole lot of other features.