Bengaluru-based Ultraviolette Automotive Pvt Ltd (UAPL), which is developing electric two-wheelers, has raised $862K (INR 6 Cr) in a Series A funding round from TVS Motors Company.
This is TVS’s second investment in UAPL and has increased its holding in the startup to 25.76%, according to a stock exchange filing. In 2017, TVS invested $700K (INR 5 Cr) for a 14.78% stake in UAPL. With the latest investment, UAPL’s total funding has touched close to $2.5 Mn, the founder of the startup revealed.
The UAPL was founded in 2016 by Niraj Rajmohan and Narayan Subramaniam. They plan to utilise the funds to fine-tune UAPL’s product engineering work and also to expand its core R&D team and facility.
The startup is engaged in developing an electric motorcycle equivalent of conventional bikes in the 200-250 cc segment. It plans to launch its first two-wheeler by the end of 2019, the founders said.