[Funding Alert] EV Startup Ultraviolette Automotive Raises Funding From GoFrugal Technologies
Free Book Preview Money-Smart Solopreneur
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Bengaluru-based electric vehicle (EV) startup Ultraviolette Automotive on Monday announced that it has raised an undisclosed sum as part of its current Series B round led by GoFrugal Technologies chief executive officer Kumar Vembu.
Vembu has joined this round of investment along with TVS Motors to hold the firm’s image of renovating the potential of electric mobility in the country. He was also an early investor in the business through the Series A funding round.
The startup says its maiden mobility solution – the F77, is an inherently powerful, efficient and intelligent vehicle that is incorporated with innovative design and technology. The pre-production version of the F77 was divulged less than a year ago, and the company is now gearing up towards debuting the motorbike in the market.
Founded in 2017 by Narayan Subramaniam and Niraj Rajmohan, the company had started by building EVs for the European markets. The startup soon revolved and centered on the Indian market.
Earlier in September 2020, the company raised INR 30 crore as a part of its ongoing Series B funding by the leading two-wheeler and three-wheeler manufacturer TVS Motor Company.