TVS Motor Company Ltd., a manufacturer of two-and-three wheelers, has invested an additional ₹30 crore in EV start-up Ultraviolette Automotive Pvt. Ltd. In 2017, TVS Motor had picked up almost 15% stake in the start-up by investing ₹5 crore. The company invested an additional ₹6 crore in 2018. With the present infusion, TVS Motor’s stake has risen to 29.48%, the company said in a regulatory filing.
Ultraviolette is the maker of high-performance electric motorcycle F77 that was unveiled during November 2019. It will be launched next year. “The F77 was conceived with a single-minded purpose of creating an identity for electric mobility in India, and TVS Motor Company has been a strategic partner in this journey,” said Niraj Rajmohan, founder and CTO, Ultraviolette Automotive Pvt. Ltd.
“We have conducted aggressive track and road tests on the motorcycle, adjusting and modifying the specifications to perfection,” he said.
“TVS Motor has always shared our passion for building globally-competitive and futuristic mobility solutions,” he added.