TVS Motor Company has further invested Rs 30 crore in Ultraviolette Automotive (UAPL), the Bengaluru-based electric motorcycle maker, scaling up the holding to 29.48%. This investment is part of its latest round (Series B) of funding. Manu Saxena, vice-president, future mobility & dealer transformation, TVS Motor Company, said, “Ultraviolette Automotive continues to demonstrate excellent engineering and technological capabilities and innovativeness in developing high-performance electric motorcycle. TVS Motor is excited to see the progress and developments made by the UV team and we are confident that these actions will go a long way towards establishing a greener future for India.” TVS Motor had previously invested Rs 11 crore in the EV maker in two tranches of Rs 6 crore in 2018 and another Rs 5 crore in 2017.
Narayan Subramaniam, founder and CEO, UAPL, said, “We have seen significant advancements in the transportation and mobility industry globally, with an increased demand for personal mobility in recent times. We also see rapid growth in the Indian two-wheeler industry with a special focus on the electric vehicles, and it is in this context that we set out to create the F77 — India’s first high-performance motorcycle. We unveiled the motorcycle less than a year ago,and since then, we have achieved significant strides in making the F77 production-ready. We have conducted an aggressive track and road tests on the motorcycle, adjusting and modifying the specifications to an all-new level of perfection.”
To accelerate adoption of EVs in India, UAPL set out to build India’s electric motorcycle — the F77 — three years ago. The company unveiled the pre-production version of the F77 in November 2019 and is now gearing up towards launching the motorcycle in the market. Niraj Rajmohan, founder and CTO, UAPL, said : “The F77 was conceived with a single-minded purpose of creating an identity for electric mobility in India and TVS Motor Company has been a strategic partner in this journey. Since the unveiling, we have received an overwhelming response from the market for the F77, and we have spent the last few months making critical enhancements both on the design and technology side to make the F77 more efficient, responsive and powerful.”
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