1 hr ago
Ultraviolette Raises $85 Million to Expand Global EV Ambitions
Ultraviolette is an electric vehicle company based in Bengaluru, India.
It has raised $85 million to grow its business.
The company wants to make more electric motorcycles and scooters.
It plans to start selling vehicles in the United States in 2027.
It also wants to expand in Latin America and Southeast Asia.
A new factory in Tamil Nadu will initially be able to make 250,000 vehicles each year.
The factory could eventually produce 500,000 vehicles annually.
The money will also help the company create new electric vehicle designs and technology.
The factory is expected to create about 2,000 jobs at first.
Ultraviolette raised $85 million in funding led by Yali Capital and TDK Ventures.
The company plans to enter the United States in 2027 and expand across Latin America and Southeast Asia.
Funding will support manufacturing growth, next-generation electric vehicle platforms and international expansion.
Ultraviolette’s BIGGA facility in Hosur, Tamil Nadu, will initially produce 250,000 vehicles annually, with capacity planned for 500,000.
The facility will manufacture upcoming models including the Tesseract scooter and support around 2,000 initial jobs.
- Who
- Ultraviolette Automotive, with funding led by Yali Capital and TDK Ventures, along with Lip-Bu Tan and existing investors.
- What
- The company raised $85 million to expand manufacturing, develop next-generation electric vehicles and enter additional international markets.
- Where
- Ultraviolette operates in India and 20 European markets, with a new BIGGA facility in Hosur, Tamil Nadu.
- When
- The planned United States entry is targeted for 2027; the funding was announced before that expansion.
- Why
- To increase production, develop new electric vehicle platforms and accelerate international expansion.
Key facts
- Funding raised
- $85 million
- Lead investors
- Yali Capital and TDK Ventures
- United States entry
- Planned for 2027
- Current markets
- India and 20 European markets
- New facility
- BIGGA at SIPCOT Industrial Park in Shoolagiri, Hosur, Tamil Nadu
- Production capacity
- 250,000 vehicles annually initially, expandable to 500,000
- Initial employment
- About 2,000 jobs
Sources
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