Ultraviolette Automotive raises funds to increase sales of its electric bikes in the domestic market

26 Aug 2022 , 08:23 AM

Ultraviolette Automotive, an electric bike manufacturer supported by TVS Motor, announced on Thursday that it had secured finance from Exor Capital, which was for an unknown sum.

The latest investment, which comes before the country’s introduction of the company’s fast e-bike F77, is claimed to be a part of the current Series-D round of fundraising led by Ferrari-backed Exor Capital.

The company stated that the funding from Exor will be used to increase sales of its electric bikes in the domestic market before moving into other markets outside of India.

In November of last year, Ultraviolette introduced an electric bicycle.

The Bengaluru-based business has also received investments from organizations like Zoho Corporation, GoFrugal Technologies, and Speciale Invest.

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