New age e2W startup Ultraviolette Automotive has announced its fresh round of capital during Series D with Exor Capital as the lead investor.
Notably, with this investment, the fund joins the cap table along with TVS Motor, Zoho Corporation, GoFrugal Technologies, Speciale Invest, Ultraviolette Automotive noted.
According to a press release from the e2W maker, this investment from Exor will be utilised towards the expansion of Ultraviolette Automotive’s presence across India, ramping up sales of the F77 in the country and subsequent expansion in international markets, including trials, certifications and sales.
Narayan Subramaniam, Co-Founder and CEO, Ultraviolette, stated, “With this investment, we now have a diversified group of prominent Indian and international institutional investors backing us in our journey and vision of shaping a new era of mobility not just in India but in global markets as well.”
Nikhil Srinivasan, Managing Partner, Exor Capital, noted that the company has a strong interest in innovation and sustainability. Ultraviolette Automotive noted that it aims to roll out with public test rides for its maiden e2W, F77, beginning September 2022 and will commercially launch the product in India this year.
The company has received over 65,000 pre-order interests, of which India, the USA, and Europe represent a significant part of these numbers, the release added.