Ferrari-backer EXOR invests $10 million in Indian EV start-up
Ultraviolette Automotive has raised around $10 million (roughly Rs. 79 crore) in Series D funding from EXOR Capital at an estimated valuation of $300 million. Ultraviolette will use the funds to increase the sales of the F77 performance bike, and to expand its footprint in the Indian as well as global markets. Notably, the F77 has already garnered over 65,000 preorders.
A brief look at Utraviolette's investors
Amsterdam-based EXOR Capital is a subsidiary of EXOR NV, and now holds a 3.48% stake in Ultraviolette. It also has a 22.91% stake in Ferrari and is the single largest shareholder of Stellantis. Ultraviolette was founded in 2016. Almost eight months ago, it had raised $15 million from TVS Motor Company and Zoho Corporation. Speciale Invest and GoFrugal Technologies are its other investors.
What is the current status of the Ultraviolette F77?
The Ultraviolette F77 has been under development for two years. Its first test rides were done by members of the aviation community on August 15. Its public test rides will commence next month and it shall be launched by the end of this year.
Here's recalling the bike
Ultraviolette F77 has a full-LED lighting setup, alloy wheels, a 5.0-inch color TFT touchscreen instrument cluster with support for GPS, disc brakes on both ends, and multiple ride modes. The motorbike is backed by an electric powertrain. It sprints from 0-60km/h in 2.9 seconds, attains a top speed of 140km/h, and delivers a range of over 200km on a single charge.
How much will it cost?
In India, the Ultraviolette F77 is likely to carry a price tag of around Rs. 3 lakh (ex-showroom). It has received over 65,000 preorders and will rival models from Revolt Motors.
