Indian electric bike maker Ultraviolette has announced a new $21m (£16m) investment package from Japanese firm TDK Ventures.
Ultraviolette, which recently launched a range of bikes in Europe (BDN August issue), said in a statement: “The investment round of $21m saw strategic participation from TDK Ventures and strong continued backing from existing investors Zoho Corporation and Lingotto (previously Exor Capital), among other institutional investors. The partnership with TDK Ventures represents a pivotal step in Ultraviolette’s mission to develop and scale globally competitive performance-oriented EVs.”
Ravi Jain, investment director of TDK Ventures, said: “We look forward to bringing our TDK knowledge to Ultraviolette and their ambitious plan to design the next generation of energy-efficient and performance electric two-wheel platforms.”
Ultraviolette says it is now scaling up manufacturing, accelerating research, expanding its distribution network, and introducing its product portfolio to global markets. “Our partnership with TDK Ventures fast-forwards our efforts, from advanced battery platforms to intelligent vehicle systems. This collaboration not only accelerates our vision of future-ready mobility but also reinforces our commitment to delivering electric vehicles that are aspirational and globally relevant,” said Narayan Subramaniam, co-founder and CEO of Ultraviolette.