EV Start-Up Utraviolette plans to launch its first electric motorcycle by the end of 2019
Bengaluru-based Ultraviolette Automotive Pvt Ltd (UAPL), That Will Be Growing Electrical two-wheelers, has Increased $862K (INR 6 Cr) in a Series A funding round from TVS Motor Company. The EV Start-Up Utraviolette startup was conducting bootstrapped using a self-funded fund of $77.5K (INR 50 Lakh).
In addition to TVS, many angel investors also have spent in UAPL. It now has a 45-member group of workers who hail from aviation, automotive, and consumer electronics wallpapers.
Contradictory to this movement, TVS chairman Venu Srinivasan was recently mentioned as stating,”Electric does not create any economic or business sense today, so the focus will be on BS-VI.” The company had previously said it would release electric and hybrid vehicles in 2018.
It has made considerable progress in their merchandise engineering in a brief length of time and we’re convinced that they’ll build something which will pave the way for electrical mobility in the nation.”
“We feel that TVS Motor Company’s continuing support will go a long way in helping us reach our aim of delivering a superior electric car in India,” that the UAPL founders stated.
This investment is a validation of TVS Motor Company’s religion in our merchandise and the progress we’ve made up to now with our bike. We’re constructing a high-performance electrical bike that brings together the very best of design and technology to provide an unparalleled user experience. The bike will be empowered with intelligent features like onboard diagnostics, preventative maintenance, over the air updates and ride personalization.