Ultraviolette Automotive, an electric two-wheeler startup, announced on Tuesday that it has raised additional funding from Qualcomm Ventures and Lingotto (formerly Exor Capital) to expand its Series D round.
The undisclosed amount of investment, led by Lingotto, is part of an ongoing Series D round of funding that values the company at $300 million. With this investment, the fund joins TVS Motor, Zoho Corporation, GoFrugal Technologies, and Speciale Invest on the cap table.
Lingotto is a wholly owned subsidiary of Exor NV, which owns or controls companies such as Ferrari, Stellantis, CNH Industrial, Iveco Group, The Economist Group, Via, and the soccer team Juventus.
Qualcomm Ventures, on the other hand, is Qualcomm’s venture arm, and it primarily invests in companies focused on 5G, artificial intelligence, automotive, IoT, enterprise and cloud, and XR/Metaverse. The venture arm manages over $2 billion in assets across the United States, China, India, Israel, Europe, Latin America, and Korea and has over 150 portfolio companies.
The exact amount of the new investment could not be determined. According to regulatory filings from August, Ultraviolette raised Rs 79 crore (approximately $10 million) by issuing 2,192 Series D compulsory convertible preference shares and 10 equity shares to Exor Co-Invest Fund I ILP.
According to Ultraviolette, the latest fund raised will be used to expand the company’s presence in India, followed by expansion into international markets, and to strengthen the brand’s technological capabilities.
The Bengaluru-based EV manufacturer is currently preparing to launch the F77 in India, and the Series D round of funding will be used to expand its presence across the country, ramp up sales, and then expand into international markets, including trials, certifications, and sales.
Previously, Ultraviolette raised approximately $15 million in a Series C round in 2021, as well as Rs 30 crore ($4.1 million) from TVS Motor Company in a Series B funding round. In December 2017, TVS Motor paid Rs 5 crore for a 14.78 per cent stake in the electric bike maker. In August 2018, the two-wheeler manufacturer increased its stake in Ultraviolette to 25.76 per cent
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