Ultraviolette Automotive Pvt. Ltd, an innovator in sustainable mobility, has raised a fresh round of capital from Exor Capital. The funding round also witnessed the participation from TVS Motor, Zoho Corporation, GoFrugal Technologies and Speciale Invest. The fund raised will be used for the expansion of the company's presence across India, ramping up the sales of F77 in the country and subsequent expansion in international markets including trials, certifications and sales.
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"We are thrilled to have Exor Capital as our investor and believe we have found the perfect partner in them given their multi-generational, entrepreneurial experience of working with some of the world's most admired and loved brands. With this investment, we now have a diversified group of prominent Indian and international institutional investors backing us in our journey and vision of shaping a new era of mobility not just in India but in global markets as well," said Narayan Subramaniam, co-founder and CEO, Ultraviolette.
Ultraviolette will roll out with public test rides in the beginning of September 2022 and will commercially launch F77 in India this year. The company has received over 65,000 pre-order interests of which India, the USA and Europe represents a significant part of these numbers, claimed by the company in a statement.
"Exor Capital has a strong interest in innovation and sustainability. We believe, Ultraviolette is an opportunity that covers both. We are delighted to work with the founders and respect their vision in the mobility space," said Nikhil Srinivasan, managing partner, Exor Capital.
Founded in 2016 by Narayan Subramaniam and Niraj Rajmohan, Ultraviolette Automotive was born out of the unique vision of creating top-of-the line mobility solutions that is driven by progressive design and energy efficient technology.