Ultraviolette Automotive

The commercial version debuted with a fixed battery pack to deliver over 186 miles of range and a top speed of 96 miles/hour with 30kW peak power and up to 100 newton-meters of torque.

“We were very clear that what we’re doing is, we’re working toward segments which are more universal in nature,” Rajmohan said.

The startup offers an app that provides all these insights to consumers on the go.

Ultraviolette operates 20 stores across 20 Indian cities and plans to grow to around 100 by March next year.

Today, the company handles everything in-house, from developing embedded software and battery management systems to motor controllers and even battery manufacturing.

The company has also established a manufacturing and assembly facility in Bengaluru’s Electronics City, with a capacity of 30,000 units.

TVS Motor Company, which has been an early backer of the company, has led the investment in this round.

The new funding saw participation from Ultraviolette’s existing investors Zoho Corporation and Lingotto (previously Exor Capital).

Revenue from sale of these two-wheeler vehicles was the major source of revenue for the company during the last fiscal year.

Instead, employee benefit expenses emerged as the largest cost driver, making up 31% of the total expenses.