Electric Vehicles seems to be the obvious future, and we have seen many startups and companies working to make it a reality. But, we have heard about far fewer EV startups focusing on two-wheelers. So to change that, here is the Electric bike startup Ultraviolette that focuses solely on manufacturing Electric bikes. The company plans to raise a funding of $75 million in the span of 1 year divided across its Series B and C rounds.
How do they plan to use the funds?
At present they are working on the R77 Electric Bike which they plan to launch by the mid of next year. Though the launch was scheduled for 2020 due to the pandemic, the dates were delayed. Now that the company looks forward to raising quite a large amount of $75 million, they have some interesting plans.
An anonymous tip informed Livemint that, “The funds raised would be invested in getting the prototype bikes into production over the next three quarters, scale up operations, expand the team and also further invest in the R&D of in-house developed lithium-ion battery technology,”
Details about the funding
The CTO and founder of the company did not disclose any details regarding the funding. He said, “Electric vehicle manufacturing is a very capital-intensive domain. This means that it is not just about early-stage R&D or growth capital or international expansion. There are multiple stages a company will have to go through. For us, this is just the beginning”.
Talking how their investors in the Electric bike startup Ultraviolette are not just investors, but they bring a lot with themselves. He believes that the investors will help in “IPR, branding, scaling up operations overseas at the right time, among other areas.”
Future of the company
Investors have shown a huge belief in the company. This is evident because Venu Srinivasan-led TVS Motor has increased its shares in the company. It has gone up from 25.76% to 29.48% by investing an additional 30 crores.
Talking about their goals, Narayan Subramaniam said, “By 2023-24, we are looking to be a dominant player in the electric mobility segment. We are developing a lot of battery technology in-house. We are also working on the other parts, including the vehicle architectures and their scalability to different segments and platforms.”
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