Mumbai: TVS Motor Company has raised its stake in Bengaluru-based electric vehicle (EV) startup Ultraviolette Automotive by pumping in Rs 30 crore. In FY20, it had invested Rs 11 crore in the startup, which aims to put a high performance electric bike on the road by 2021.
The latest investment is part of Ultraviolette’s Series B round of funding. As of FY20-end, it held 25.76 percent stake in the startup. This is also the third time it bought stakes in Ultraviolette since its maiden investment back in 2017.
Ultraviolette in engaged in building what it claims to be “India’s first high-performance electric motorcycle – the F77”. The latter was first showcased in 2019 and aims to launch officially next year. The startup claims that the F77 can outperform a 200250cc motorcycle.
Manu Saxena, VP (Future Mobility and Dealer Transformation), TVS Motor, said, We are excited to see the progress and developments made by the UV team and are confident that these actions will go a long way towards establishing a greener future for India.