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Ultraviolette Automotive, an electric bike manufacturer has received undisclosed investments from Lingotto and Qualcomm Ventures for business expansion in India and overseas.
It stated that the Series D round funding would allow the Bengaluru-based company to improve its technology. After taking pre-orders from October 23, the company will launch the Ultraviolette F77 motorcycle. The first batch of bikes will be delivered in Bengaluru.
“As we count down to the Indian commercial launch of F77, this investment is a testament to the fact we have been in a position to create an identity for Ultraviolette,” stated Narayan Subramaniam (co-founder and CEO of Ultraviolette).
Niraj Rajmohan is the co-founder of Ultraviolette and is the chief technology officer. “This capital infusion is integral to augmenting our efforts on some of these markets.”
Qualcomm Ventures currently has more than 150 portfolio companies within its portfolio. It has assets worth more than $2 billion across the United States, China, Europe, India, Israel, Latin America, and Korea. Quinn Li, the senior vice-president, of Qualcomm Technology and global head at Qualcomm Ventures, stated that Ultraviolette is dedicated to raising standards in the performance and safety of electric two-wheelers.
Lingotto, formerly Exor Capital, is a 100% owned subsidiary of Exor N.V. that controls stakes in the sports carmaker Ferrari, Stellantis, and other businesses.
Lingotto managing partner Nikhil Bawa Srinivasan stated, “Our support for Ultraviolette rests on our belief in what should market-defining products,”