TVS Motor Co-backed electric motorcycle start-up Ultraviolette Automotive has raised a fresh round of capital from a fund managed by Exor Capital (as a lead investor) as part of its ongoing Series D round.
Exor Capital’s parent Exor is the single largest shareholder in Stellantis and has controlling stakes in companies including sports car maker Ferrari, CNH Industrial, Iveco Group, The Economist Group, Via and the soccer team Juventus.
The EV company is gearing up to launch the F77 in India, the new investment from Exor will be utilised towards expanding presence across the country, ramp up sales and subsequent expand in international markets including trials, certifications and sales.
Narayan Subramaniam, Co-Founder and CEO, Ultraviolette said, “With this investment, we now have a diversified group of prominent Indian and international institutional investors backing us in our journey and vision of shaping a new era of mobility not just in India but in global markets as well.”
Nikhil Srinivasan, Managing Partner, Exor Capital said, “Exor Capital has a strong interest in innovation and sustainability. We believe, Ultraviolette is an opportunity that covers both. We are delighted to work with the founders and respect their vision in the mobility space.”
Niraj Rajmohan, Co-Founder and CTO, Ultraviolette said, “We see perfect synergies and uniquely exciting opportunities of working together with Exor. We believe that their expertise in working with brands like Ferrari and Stellantis and building great companies will be integral in carving a distinct identity for Ultraviolette and the F77 across the world.”
Ultraviolette is planning to begin public test rides from September and will commercially launch the F77 in India this year. The company says it has received over 65,000 pre-order interests of which India, the USA, and Europe represent a significant part of these numbers.
The investment was facilitated by Rothschild & Co as the banking partners. Anagram Partners and Nishith Desai Associates acted as counsel to Ultraviolette and Exor Capital.
With this investment, Expor Capital fund now joins the cap table along with TVS Motor, Zoho Corporation, GoFrugal Technologies, Speciale Invest.