EV bike startup Ultraviolette Automotive mops up $15 million from TVS and Zoho

Two-wheeler electric vehicle manufacturer Ultraviolette Automotive raised $15 million in fresh round from TVS and bootstrapped unicorn Zoho Corporation. Ultraviolette has given TVS and Zoho a total of 5909 Series C Compulsory Convertible Cumulative Preferences (CCPS).

The funds raised will be used to put the prototype bikes into production over the next three quarters, scale up operations, expand the team, and further invest in the research and development of in-house developed lithium ion battery technology. According to another source, a portion of the funds will be raised in series C next year through equity and a small portion through debt, with the four-year-old startup currently valued at $50 million. Ultraviolette is in discussions with several strategic investors who can assist the startup beyond the primary funding requirements.

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