Ultraviolette Expands Series D Round With Funds From Qualcomm Ventures & Lingotto
The freshly raised funds will be used towards ramping up the company's presence in India, subsequent expansion in international markets as well as strengthening the brand's technological capabilities and prowess
Sustainable mobility startup Ultraviolette Automotive has raised investments from Qualcomm Ventures and Lingotto to expand its Series D round.
These investments from Qualcomm Ventures and Lingotto will be deployed towards ramping up the company's presence in India, subsequent expansion in international markets as well as strengthening the brand's technological capabilities and prowess, said a statement.
"As we countdown to the commercial launch of the F77 in India, this investment is a testament to the fact that we have been able to create a distinct identity for Ultraviolette and the F77 and build aspiration for the product across global audiences. We are thrilled to have Qualcomm Ventures and Lingotto back us in our vision of redefining the future of electric mobility and making the F77 a global phenomenon," said Narayan Subramaniam, co-founder and CEO, Ultraviolette.
With an industry leading IDC range of 307 kms on a single charge, the Ultraviolette F77 will be commercially launched on November 24th, added the statement.
Ultraviolette Automotive opened its pre-orders on Oct 23rd and will roll out the product in a phased manner, with the first batch of motorcycles being delivered in the city of Bangalore.
"We look forward to the acceleration of the transformation that is already underway within the automotive industry by enabling companies, such as Ultraviolette, with not only access to capital but also the opportunity to potentially leverage Qualcomm's world class technology innovations," said Quinn Li, senior vice president, Qualcomm Technologies and global head of Qualcomm Ventures.
Qualcomm Ventures invests in companies focused on 5G, AI, automotive, IoT, enterprise and cloud, and XR/metaverse. Qualcomm Ventures has over 150 portfolio companies in its portfolio and manages over $2 billion in assets across the United States, China, India, Israel, Europe, Latin America, and Korea.
"Our continued support for Ultraviolette rests in our belief on what should be a market defining product. While we focus on commercially availability of the F77 in India, we are also actively building the roadmap for our subsequent expansion in international markets, and this capital infusion will be integral in augmenting our efforts in some of these markets," said Nikhil Bawa Srinivasan, Managing Partner at Lingotto.
Lingotto (formerly Exor Capital) is a fully-owned subsidiary of EXOR N.V which has the largest or controlling stakes in companies including sports car maker Ferrari, Stellantis, CNH Industrial, Iveco Group, The Economist Group, Via and the soccer team Juventus.