Electric vehicle start-up, Ultraviolette Automotive has bagged investments from Qualcomm Ventures and Lingotto to expand in the Series D round.
The investments will be deployed towards ramping up the company’s presence in India, subsequent expansion in international markets as well as strengthening its technological capabilities and prowess.
Qualcomm Ventures invests in companies focused on 5G, Artificial Intelligence, Automotive, IoT, Enterprise and Cloud, and XR/Metaverse. Qualcomm Ventures has over 150 portfolio companies in its portfolio and manages over $2 billion (Rs 16,326 crore) in assets across the United States, China, India, Israel, Europe, Latin America, and Korea.
Lingotto (formerly Exor Capital) is a fully-owned subsidiary of Exor N.V which has the largest or controlling stakes in companies including sports car maker Ferrari, Stellantis, CNH Industrial, Iveco Group, The Economist Group, Via and Italian soccer team Juventus.
Narayan Subramaniam, Co-Founder and CEO, Ultraviolette said, “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.”
Quinn Li, SVP, Qualcomm Technologies and Global Head of Qualcomm Ventures said, “We look forward to the acceleration of the transformation that is already underway within the automotive industry by enabling companies, such as Ultraviolette, with not only access to capital but also the opportunity to potentially leverage Qualcomm’s world-class technology innovations.”
The Ultraviolette F77 electric performance motorcycle is going to be launched on November 24 and comes with a claimed IDC range 307 km.
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 Bangalore.
Niraj Rajmohan, Co-Founder and CTO, Ultraviolette stated, “While we focus on the commercially availability of the F77 in India, we are also actively building the roadmap for our subsequent expansion in international markets, and this capital infusion will be integral in augmenting our efforts in some of these markets.”