Bengaluru-based electrical bike maker Ultraviolette will get extra funds from TVS
MUMBAI: Main two- and three-wheeler producer TVS Motor Firm Ltd has elevated its stake within the electrical bike startup Ultraviolette Automotive Pvt Ltd from 25.76% to 29.48% by investing a further sum of ₹30 crore, the corporate mentioned in a regulatory submitting on Wednesday. The mentioned funding is a part of Ultraviolette’s collection B funding.
The maker of Apache vary of bikes had earlier invested ₹11 crore within the shares of the Bengaluru-based startup together with ₹5 crore within the latter’s desire shares final fiscal.
Ultraviolette, which had unveiled the pre-production model of its first electrical bike F77 in November final yr, is making ready to fabricate the automobile. The industrial launch, which is delayed by a number of months as a result of pandemic, is now slated for subsequent yr.
Positioned as India’s first performance-oriented electrical bike, the F77 was unveiled in three variants – lightning, shadow and laser final yr with a worth vary of ₹300,000- ₹325,000 (on-road).
Even because the four-year outdated startup has designed and developed the EV floor up domestically, it’s not seeking to trip on the subsidies granted beneath the federal government’s Fame-2 scheme (quicker adoption and manufacturing of hybrid and electrical autos in India). The subsidies beneath Fame 2 can be found on electrical two-wheelers priced decrease than ₹150,000.
Whereas Ultraviolette plans a phase-wise roll out of its F77 ranging from Bengaluru subsequent yr, it additionally plans to arrange its personal charging infrastructure sooner or later.
“Ultraviolette Automotive continues to show wonderful engineering and technological capabilities and innovativeness in creating high-performance electrical bikes,” mentioned Manu Saxena, vp, future mobility and vendor transformation, TVS Motor Co.
Narayan Subramaniam, founder and chief govt officer at Ultraviolette Automotive mentioned that the startup has been conducting monitor and street exams on the F77 adjusting and modifying its specs.
“We’ve constructed a strong know-how platform to help enhanced consumer expertise. We unveiled the bike lower than a yr in the past, and since then, we’ve achieved vital strides in making the F77 production-ready,” the founder mentioned.