TVS Motor Company which has been an early backer of Ultraviolette, has made fresh investment in the company, along with Zoho Corporation. The investment was part of its latest round of Series C funding in order to support Ultraviolette’s vision of developing high performance mobility solutions for Indian and global markets.
“EVs are a huge focus area for us and we have invested in this area for over a decade. TVS is committed to developing exciting and aspirational products and we have always believed that EV development has to be ground-up for us to make that quantum leap into the global EV revolution,” TVS Motor Company Joint Managing Director Sudarshan Venu stated.
“We are delighted that we chose to partner with them at an early stage, and I am confident that Ultraviolette’s EV line-up will see rapid adoption across the country and the world,” he added.
“This investment from TVS Motor Company and ZOHO Corp. is a validation of the company’s endeavour to redefine the future of mobility,” Ultraviolette Automotive Founder and CEO Narayan Subramaniam said.
Ultraviolette will utilise this investment for the production and commercial launch of the F77, its high-performance electric motorcycle, and will roll out the first batch in the first half of 2022. It is setting-up its manufacturing and assembling facility in Electronics City, Bengaluru.
TVS currently has a 2% market share amongst the top players in the 2 wheeler EV sector. Its top product in the segment is its iQube Scooter. The other top players in the industry are Hero which has 36% market share, Okinawa with 17% market share, Ampere with 14%, Ather with 11%, Revolt with 4%, Bajaj with 4%.
The electric vehicles industry is at a budding stage in India. Currently the adoption rate in India is less than 1% of the total vehicle sales. However it has the potential to grow to more than 5% in a few years. At present there are more than 5 lakh electric two-wheelers and few thousand electric cars on Indian roads. India offers the world’s largest untapped market, especially in the two-wheeler segment. In a move to boost production the government also has provided support to the industry by allowing 100 percent foreign direct investment in this sector under the automatic route.
