- TVS invests Rs 6 crore in Ultraviolette Automotive
- Developing EV in 200-250cc segment
After picking up 14.78 per cent stake in Ultraviolette Automotive late last year, the company has once again invested in the company.
TVS has invested an additional Rs 6 crore as part of the Series A funding. This money will be used for product engineering and R&D activities. The start-up, Ultravoilette, is developing top-of-the-line electric mobility solutions. It is also currently working on a high performance electric motorcycle in the 200-250cc segment. Ultraoilette claims that this EV will get progressive design and energy efficient technology that will outperform traditional ICE motorcycles.
The Bengaluru-based company hasn’t revealed the exact time line for the official launch of this EV, but TVS is likely to gain a lot from this product. We won’t be surprised if the same e-bike’s platform is used to develop a TVS product.
“At TVS Motor Company, we are committed to creating offerings with best-in-class quality, cutting-edge technology and that delights the customer. As a responsible manufacturer, we see immense promise in Ultraviolette Automotive’s vision of bringing innovative and sustainable electric vehicles in India. Ultraviolette Automotive has made significant progress in their product engineering in a short span of time and we are confident that they will build a product that will pave the way for electric mobility in the country, "said K Gopaladeskikan, CFO, TVS.
