TDK backs Ultraviolette with $21M to take India-made electric motorcycles global

Indian electric motorcycle startup Ultraviolette is revving up its global expansion plans following a significant $21 million investment led by TDK Corporation’s venture arm. This funding comes just two months after the company ventured into ten European markets, signaling a bold move towards amplifying its presence across the globe. Founded by childhood friends Narayan Subramaniam and Niraj Rajmohan, Ultraviolette aims to increase its European reach fourfold while also tapping into lucrative markets in Latin America and Southeast Asia. The startup is not just eyeing growth; it plans to enhance its product lineup to 14 models by early 2027, following the much-anticipated launch of its flagship F77 Mach 2 model and the F77 SuperStreet. With a firm belief that electric vehicles can compete with traditional internal combustion engine motorcycles, the duo sought to create high-performance electric bikes that rival 150cc to 800cc sports bikes. Rajmohan emphasized their objective was to make electric motorcycles exciting, a vision that has driven Ultraviolette from its inception in 2016 to the launch of its first model in 2019 after rigorous design iterations. The F77 model has made waves with impressive specifications, offering over 186 miles of range and a top speed of 96 miles per hour, powered by a 30kW engine. Ultraviolette has also introduced the innovative Shock Wave motorcycle and the Tesseract scooter, which boasts advanced features such as radar and camera systems for enhanced safety and convenience. The company, based in Bengaluru, operates a manufacturing facility capable of producing 30,000 units annually. With a workforce of approximately 500 employees, Ultraviolette manages everything in-house, from software development to battery manufacturing. Rajmohan highlighted that the startup's business model was inspired by conversations with Tesla owners in the U.S., who viewed their vehicles as a lifestyle choice. This perspective has influenced Ultraviolette’s branding strategy, aiming for a global appeal right from the start. India, which represents nearly 40% of global motorcycle sales, remains a challenging yet essential market for Ultraviolette. The company aims to navigate the price-sensitive landscape while targeting higher-end models. To support its growth, Ultraviolette plans to expand its production capacity significantly, with ambitions to increase to 300,000 units by early next year. Currently, Ultraviolette operates 20 stores across Indian cities, with plans to expand to around 100 by next March. The startup is also preparing to enhance its European footprint and pilot operations in Latin America and Southeast Asia, with future expansions into the U.S. and Japan. Having sold over 3,000 motorcycles in India, Ultraviolette aims to reach sales of 10,000 by the end of this year and targets over $50 million in revenue. To date, the startup has successfully raised about $75 million in funding, with significant backing from investors like Qualcomm Ventures and TVS Motor.