Ultraviolette: Global Expansion Plans After Massive Funding Round

After securing $21 million in an all-equity funding round led by TDK Ventures, the investment arm of Japanese electronics giant TDK Corporation, Indian electric motorcycle startup Ultraviolette is planning significant expansion. The company, founded nine years ago, aims to quadruple its European presence, enter other motorcycle-dependent markets such as Latin America and Southeast Asia, and expand its portfolio to 14 models by early 2027. This global expansion follows the launch of its flagship model, the F77 Mach 2, in 2024 and its second product, the F77 SuperStreet, in February.

The Company's Founders and Their Ambitious Vision

Behind Ultraviolette are childhood friends, CEO Narayan Subramaniam and CTO Niraj Rajmohan, who combined their expertise in mechanical engineering, automotive design, computer science, and electronics to transform the mid-sized motorcycle market into electric vehicles. Inspired by Tesla, the duo started Ultraviolette at a time when the Indian electric motorcycle market was dominated by low-speed models, primarily catering to commercial and utility needs. Early growth was driven by Chinese imports offering low-cost options, followed by a wave of local startups, and more recently, the entry of large manufacturers into the field.

Product Development and Innovation

Instead of becoming just another player in this race, Ultraviolette's founders set out to build electric motorcycles that could match the performance of 150cc to 800cc internal combustion engine race bikes. "Rajmohan stated: We asked ourselves, if we had to make electric exciting in motorcycles, what would it take? And that's the goal we started with." The Bengaluru-based startup took about four years from its founding in 2016 to unveil its first model in 2019. The company went through several design iterations before finalizing the seventh version – hence the name F77. The commercial version came with a fixed battery pack to provide a range of over 300 kilometers (186 miles) and a top speed of 155 km/h (96 mph) with a maximum power of 30 kW and up to 100 Nm of torque.

Ultraviolette also unveiled a lightweight Shock Wave motorcycle as well as the Tesseract scooter, which features front and rear radars and cameras to enable an assisted riding experience and blind spot detection. The scooter costs 120,000 rupees ($1,370), while its motorcycles (excluding showroom fees) range from 175,000 rupees ($2,000) up to $10,000.

Advanced Technology and Smart Maintenance

Ultraviolette vehicles come equipped with eSIM connectivity and feature predictive maintenance powered by a proprietary diagnostic system. Rajmohan said the system can detect minor issues, such as when the chain needs lubrication. The company offers an app that provides all these insights to consumers on the go.

Infrastructure and In-house Capabilities

The company has also established a manufacturing and assembly facility in Bengaluru's Electronics City, with a capacity of 30,000 units. Today, the company handles everything in-house from embedded software development and battery management systems to motor controllers and even battery manufacturing. Approximately 500 people work at Ultraviolette, including 200 in administrative and R&D roles.

Brand Strategy and Global Aspiration

Ultraviolette's business model was partly shaped by Tesla owners. The founders spent time talking to Tesla owners in the U.S. who were among the first to buy a Model S in 2015, to learn what made that car different from other electric cars at the time. Rajmohan told TechCrunch: "These Tesla cars were very unique, where owning them was considered progressive. It was more than just a lifestyle statement."

The founders brought this sentiment to Ultraviolette's design and branding, aiming to make it a global company from day one. As Rajmohan explained, the word "Ultraviolet" is pronounced similarly in more than 30 European languages, while "super" refers to something advanced. Reinforcing this ambition, the startup sought European certification for all its vehicles even before entering the market. This differs from other Indian electric motorcycle manufacturers, who have tried to meet local demand. India accounts for approximately 40% of global motorcycle sales – although most are internal combustion engine powered.

Global Market Expansion and Growth Plans

Expanding beyond India makes strategic sense for Ultraviolette, given that the local EV market still suffers from relatively low penetration – with an adoption rate of only 7.66%, compared to the global average of 16.48%, according to a recent report by the government-backed research center NITI Aayog. While India aims to reach 30% EV penetration by 2030, progress so far suggests this may be an ambitious target. India is also a price-sensitive market, where motorcycles are not usually optional purchases, but rather an essential and affordable means of daily transportation. As a result, selling high-end versions on a large scale in the country may be challenging for Ultraviolette – at least initially. "Rajmohan said: We were very clear that what we are doing is we are working towards segments that are more global in nature."

Ultraviolette plans to expand the capacity of its Bengaluru production facility to 60,000 units and add a larger site to scale up to approximately 300,000 units by early next year. Ultraviolette operates 20 stores in 20 Indian cities and plans to expand to approximately 100 stores by March next year. About 50 of those stores – one per city – are expected to open by the holiday season later this year.

Rajmohan told TechCrunch that the startup is expanding its European presence, where it has 40 distributors. He said: "Next year is the year we will see expansion in Europe." The startup also plans to begin its pilot project in Latin America and Southeast Asia next year and go into markets like the United States and Japan later.

Financial Achievements and Future

Ultraviolette has sold over 3,000 motorcycles in India and expected to sell up to 10,000 motorcycles later this year. It also targeted revenues exceeding $50 million by the end of this fiscal year. To date, it has raised approximately $75 million in funding and considers Qualcomm Ventures, Exor, and TVS Motor among its other key investors.