Ultraviolette Automotive plans to raise up to $75 Mn in the next 12-14 months, across series B and C rounds, three people aware of the plan told Mint.
Part of the funds will be raised via equity and a small portion of debt in series C next year, said another person, adding that the four-year old startup is currently valued at $50 Mn.
"Electric vehicle manufacturing is a very capital-intensive domain. This means that it is not just about early stage R&D or growth capital or international expansion. There are multiple stages a company will have to go through. For us, this is just the beginning," said Niraj Rajmohan, founder and CTO, Ultraviolette Automotive, declining to disclose details of the planned fundraise.