by IANS |
Bengaluru, Nov 22 (IANS) Ultraviolette Automotive Pvt Ltd on Tuesday expanded its ongoing Series D round led by Qualcomm Ventures and Lingotto. According to sources, the company raised $24 million in the expanded round, taking the total funding in Series D to $34 million to date.
The investments will be deployed towards ramping up the company's presence in India, subsequent expansion in international markets as well as strengthening the brand's technological capabilities and prowess.
"As we countdown to the commercial launch of the F77 in India, this investment is a testament to the fact that we have been able to create a distinct identity for Ultraviolette and the F77 and build aspiration for the product across global audiences," said Narayan Subramaniam, Co-Founder and CEO, Ultraviolette.
Qualcomm Ventures invests in companies focused on 5G, Artificial Intelligence, automotive, IoT, enterprise, Cloud and XR/Metaverse.
Lingotto (formerly Exor Capital) is a fully owned subsidiary of EXOR N.V which has the largest or controlling stakes in several leading companies like Ferrari, Stellantis, Juventus and others.
"We look forward to the acceleration of the transformation that is already underway within the automotive industry by enabling companies such as Ultraviolette," said Quinn Li, SVP, Qualcomm Technologies, and global head of Qualcomm Ventures.
With an industry leading Indian driving condition (IDC) range of 307 kms on a single charge, the Ultraviolette F77 will be commercially launched on November 24.
The company opened its pre-orders on October 23 and will roll out the product in a phased manner, with the first batch of motorcycles being delivered in the city of Bengaluru.
Established in 2016, Ultraviolette Automotive is developing India's first ecosystem of high-performance electric vehicles and future-ready energy infrastructure.