Ultraviolette Raises USD 45 Million from Zoho and Lingotto to Expand EV Production
The latest investment in Ultraviolette will help the EV maker scale F77 and X-47 production, set up new facilities, expand distribution and develop new EV models.
By Divyam Dubey
Ultraviolette Automotive has secured USD 45 million from Zoho Corporation and Lingotto in the latest phase of its Series E round, giving the Bengaluru EV maker a push as it prepares for a bigger manufacturing scale-up. The company plans to use the funds to expand production of its F77 motorcycle and X-47 crossover, which continue to see strong demand. Zoho founders Sridhar Vembu, Mani Vembu and Kumar Vembu are part of the round, while Lingotto, which also owns stakes in Ferrari, adds global backing. Ultraviolette will add more production lines at its Electronic City plant and is preparing a second facility for next year. The company also wants to widen its India and international distribution as it steps into its next growth stage.
Also Read: Ultraviolette F77 SuperStreet First Ride Review - Street Smart
The new investment will support higher output of the F77 and X-47, with the X-47 priced at Rs 2.49 lakh ex-showroom. Rising orders have led Ultraviolette to introduce extra shifts for the crossover. The brand plans to accelerate manufacturing through expanded capacity at its current plant while building a new site to manage future demand.
Ultraviolette continues to develop its next platforms, called Shockwave and Tesseract, which focus on battery upgrades and better vehicle efficiency. Part of the fresh funding will also go towards expanding the sales network in India and overseas markets to improve product reach.
The company currently operates in 30 Indian cities and aims to be present in 100 by mid-2026. The F77 has also entered the UK market, taking Ultraviolette’s footprint to 12 European countries. The X-47 is also set for a European rollout after its approval earlier this year.
Also Read: Ultraviolette X-47 Crossover First Ride Review - Agent 47
Ultraviolette’s investor list includes TVS Motor, Qualcomm Ventures, TDK Ventures and Speciale Invest. The company is in talks with state governments for a new facility focused on affordable EVs.
