electrical bike TVS Motor doubles down on electrical bike maker Ultraviolette
TVS Motor doubles down on electrical bike maker Ultraviolette
Electrical bike maker Ultraviolette Automotive Pvt. Ltd has raised Rs 30 crore ($4.1 million) from current investor TVS Motor Firm as a part of its Collection B funding spherical.
TVS Motor mentioned in a inventory market disclosure its stake in Ultraviolette has risen to 29.48% after the funding.
TVS Motor had first acquired a 14.78% stake within the electrical bike maker for Rs 5 crore in December 2017. In August 2018, the two-wheeler maker infused Rs 6 crore extra into Ultraviolette to lift its stake to 25.76%.
Bengaluru-based Ultraviolette says it’s constructing high-performance electrical autos. The corporate had got down to construct its first electrical bike – F77 – three years in the past. It unveiled the pre-production model of F77 in November 2019 and plans to roll out the bike subsequent 12 months in phases.
Integrated in December 2015, Ultraviolette was based by Narayan Subramaniam and Niraj Rajmohan.
Rajmohan mentioned the corporate spent the previous couple of months making design and know-how enhancements on F77.
TVS Motor is among the many handful of conventional manufacturing corporations making bets on electrical car makers.
Hero MotoCorp Ltd has invested in electrical scooter maker Ather Vitality Pvt. Ltd. In July this 12 months, Ather Energy raised another Rs 84 crore ($11.21 million) from Hero MotoCorp as an extension of its Collection C funding spherical.
This funding elevated the stake of Hero MotoCorp in Ather to 38.57% from 34.58%.
Additionally in July, engineering firm Greaves Cotton Ltd signed a pact to acquire Bestway Agencies Pvt. Ltd, a Haryana-based firm that develops and makes electrical autos. In August 2018, Greaves Cotton had acquired electric two-wheeler maker Ampere from a bunch of traders together with Tata Sons chairman emeritus Ratan Tata and Infosys co-founder Kris Gopalakrishnan.