Indian e-2W startup Ultraviolette secures €39m investment
Ultraviolette says the capital injection is part of its ongoing Series E round. It raised the funds from Zoho Corporation, a homegrown software services giant, and Lingotto, a wholly owned subsidiary of Exor.
Commenting on the investment, Ultraviolette co-founder and CEO Narayan Subramaniam said, “Lingotto’s legacy of backing iconic performance and mobility brands, combined with Zoho’s long-term commitment to fostering cutting-edge Indian innovation, aligns perfectly with Ultraviolette’s mission to build category-defining electric mobility solutions for India and global markets.” “This investment will accelerate our journey towards scaling into India and global markets,” said CTO and co-founder Niraj Rajmohan.
In August, Ultraviolette already raised 21 million US dollars (around 18 million euros) from the same institutional investors and TDK Ventures. The latter, the venture capital arm of Japan’s TDK Corporation, led that round. TVS Motor Company, Qualcomm Ventures and Speciale Invest are also among the key investors backing the electric two-wheeler startup.
Ultraviolette is taking a top-down approach and currently offers two premium models: the F77 and the X-47. The F77 is a sports bike priced from 299,000 rupees (around 2,850 euros), while the X-47 is an adventure bike starting at 274,000 rupees (around 2,600 euros).
In the first quarter of 2026, Ultraviolette will start sales of the Shockwave, an enduro bike priced from 175,000 rupees (around 1,650 euros), followed by the Tesseract, a maxi-scooter priced from 145,000 rupees (around 1,400 euros) in the second quarter. The company is expected to introduce more affordable models over time, as part of its plan to build a 14-strong line-up of electric two-wheelers by 2028.
Ultraviolette currently operates in 30 cities across India and plans to expand to 100 locations by mid-2026. It is also active in 12 European markets, where it exports the F77.
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