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Electric bike maker Ultraviolette said it is set to raise a fresh funding of $100 million, which will be used in expanding markets in India and across the globe.
Niraj Rajmohan, CTO & co-founder, Ultraviolette, told The Hindu that the company was in the final rounds of talks with a couple of private equity players and a fresh raise of $100 million was expected to be closed in the next six months. “We are talking with a couple of private equity players to raise around $100 million and it is expected to close in six months.”
The Bengaluru-based innovator in future-ready EV platforms and battery technology, was jointly founded by classmates Narayan Subramaniam, the CEO, and Niraj Rajmohan in 2016. The firm had already raised $55 million so far from a clutch of investors including TVS Motor Company, EXOR Capital, Qualcomm Ventures, Zoho, Gofrugal Tech, and Speciale Invest.
The company on Wednesday unveiled F77 MACH 2, an “advanced performance and intelligent electric motorcycle.”
The product is available under three categories F77 MACH 2 AIRSTRIKE (Stellar White, Supersonic Silver and Lightning Blue); F77 MACH 2 LASER (Plasma Red, Turbo Red, Afterburner Yellow) and F77 MACH 2 SHADOW (Stealth Greym, Asteroid Grey and Cosmic Grey).
The Ultraviolette F77 Mach 2 is being offered at ₹2,99,000 for the first 1,000 customers, while the higher-range F77 Mach 2 Recon is available at a special introductory price of ₹3,99,000, the company said.
Mr. Rajmohan said India sells more than 80,000 “aspirational” (high-end) bikes every month among the total 12-14 million motorcycles sold a year. ‘‘We want to have a sizable share of the aspirational bike segment. In FY24, we target to sell 5,000 units of F77 MACH 2 bikes and next year our mandate is to sell 30,000 units,’‘ he added.
Ultraviolette F77 Mach 2 would be available across 15 cities in a phase-wise manner, with deliveries starting in May 2024, he added. The Ultraviolette F77 Mach 2 offers a 323 km Indian Driving Condition (IDC) range, and comes with a 10.3 kWh battery pack. The motorcycle delivers 30 kW (40.2 hp) coupled with 100 Nm of peak torque, accelerating from 0 to 60 km/hr in a mere 2.8 seconds and achieving a top speed of 155 km/hr.
