TVS Motor Company has extended its trust on the Indian EV startup Ultraviolette with a fresh funding of Rs 30 crore. A part of Series B round of funding for the startup, this is the second investment made by TVS in Ultraviolette.
TVS had earlier invested Rs 5 crore in Ultraviolette in exchange for a 14.87 percent stake in the company back in 2017. Ultraviolette is expected to come up with the country’s first high-performance electric motorcycle.
Called the F77, a pre-production version of the electric motorcycle was unveiled by the firm in November 2019. Since then, the bike has been spotted at various stages of testing time and again. As the company gears up towards its launch in early 2021, it is looking at an expansion in the country in a phase-wise manner, leading to the recent round of funding.
Narayan Subramaniam, Founder and CEO, Ultraviolette Automotive Pvt. Ltd. said, “We unveiled the motorcycle less than a year ago, and since then, we have achieved significant strides in making the F77 production-ready.”
“TVS Motor Company has always shared our passion for building globally competitive and futuristic mobility solutions, and we are excited about our continued partnership with them,” he added.
The F77 by Ultraviolette is poised to be the first high-performance electric bike to be available in the country’s market. Powered by an air-cooled brushless DC (BLDC) motor, the bike promises a power output of 25 kW (33.5 bhp) for a claimed top speed of 147 kmph. The acceleration is clocked to be 0 to 60 kmph in 2.9 seconds and 0 to 100 kmph in 7.5 seconds, thanks to the bike’s 450 Nm of torque.
The Ultraviolette F77 will come offer three riding modes – Eco, Sport and Insane. It is estimated to cover a range of 130 to 150 km on a single charge.
With these features, the F77 is expected to be priced at around Rs 3 lakh once launched.