The company will issue 8.15 lakh Series E3 compulsorily convertible preference shares (CCPS) at Rs 2,435 per share, raising approximately Rs 197.5 crore.
In addition, Ultraviolette has allotted 7.24 lakh Series E4 CCPS, generating another Rs 175.5 crore.
The latest investment follows the company’s $45 million Series E fundraise last year, backed by Zoho and Lingotto.
The Bengaluru-based electric vehicle maker has outlined plans to invest more than Rs 1,000 crore over the next five years to strengthen its production infrastructure.
The company expects exports to contribute approximately 25 percent of its revenue over the next five years.
{Funding Alert} Electric Two-Wheeler Startup Ultraviolette Secures Fresh Rs 373 Cr Investment
Electric two-wheeler manufacturer Ultraviolette Automotive is set to secure an additional Rs 373.04 crore as part of its ongoing Series E funding round, with participation from investors including Yali Capital and TDK Ventures.
The company will issue 8.15 lakh Series E3 compulsorily convertible preference shares (CCPS) at Rs 2,435 per share, raising approximately Rs 197.5 crore. In addition, Ultraviolette has allotted 7.24 lakh Series E4 CCPS, generating another Rs 175.5 crore.
Commenting on the development, the company said, “The investments are part of a currently ongoing fundraise; we have nothing further to add at the moment.”
Of the total amount being raised, around Rs 249.2 crore is being contributed by Yali Capital’s Yali Deeptech Fund I and existing investor TDK Ventures. While TDK Ventures first invested in Ultraviolette in August 2025 when it led the company’s $21 million funding round, Yali Capital is joining the startup’s investor base for the first time.
The funding round has also attracted participation from several angel investors, including Adi Hirji Jehangir, Anshumi Desai, Janak Desai, Mahak Khabia, and Zafar Ahmadullah, among others.
The latest investment follows the company’s $45 million Series E fundraise last year, backed by Zoho and Lingotto. To date, Ultraviolette has raised more than $135 million from investors such as TVS Motor Company, Qualcomm Ventures, Breathe Capital and Mudhal Partners.
The fresh capital comes at a time when Ultraviolette is accelerating its manufacturing expansion plans through the development of its upcoming BIGGA Factory.
The Bengaluru-based electric vehicle maker has outlined plans to invest more than Rs 1,000 crore over the next five years to strengthen its production infrastructure. Of this, approximately Rs 800 crore is earmarked for the new BIGGA Factory, while an additional Rs 200 crore will be deployed toward expanding its existing manufacturing facility in Bengaluru.
The company’s co-founders, Narayan Subramaniam and Niraj Rajmohan, previously stated that the new facility will initially have the capacity to manufacture up to 2.5 lakh vehicles annually, with scope to scale production to 5 lakh units in the future.
The capacity expansion aligns with Ultraviolette’s strategy to broaden its product portfolio and target larger customer segments within the electric two-wheeler market. In addition to its premium performance-focused offerings, the company is preparing to introduce new products such as the Shockwave and Tesseract.
Despite this expansion into broader market segments, the founders emphasized that the company’s long-term vision remains unchanged.
Currently, Ultraviolette’s Bengaluru facility has an installed annual production capacity of around 30,000 vehicles. This is being expanded to between 50,000 and 60,000 units, after which the facility will continue to serve as the company’s engineering, technology and manufacturing hub alongside the BIGGA Factory.
International expansion also remains a key growth priority. The company expects exports to contribute approximately 25 percent of its revenue over the next five years.
Highlighting the significance of the new facility, the founders said, “BIGGA Factory converts that technology foundation into industrial scale,” describing it as a critical step in Ultraviolette’s ambition to build a global electric mobility business.
Ultraviolette entered the United Kingdom market with the launch of its F77 motorcycles in November last year and has previously stated that it operates across 12 countries in Europe.
