The archive · Hardware & Devices · Product decision · 2016–2025
Ultraviolette's premium EV motorcycle bet: $45M Series E from Zoho, Lingotto
Ultraviolette bet Indian riders would pay for a high-performance electric motorcycle; Zoho and Lingotto put $45M into its Series E in Dec 2025.
Ultraviolette Automotive
What the business is
Ultraviolette designs and builds high-performance electric motorcycles and battery technology in Bengaluru, selling the F77 performance bike, the radar-equipped X-47 crossover and upcoming Shockwave and Tesseract platforms in 30 Indian cities and 12 countries.
Starting capital：$45M Series E tranche (announced 2025-12-04) from Zoho Corporation and Lingotto, on top of earlier backers TVS Motor, Qualcomm Ventures, TDK Ventures and Speciale Invest.
How it started
Childhood friends Narayan Subramaniam and Niraj Rajmohan founded Ultraviolette in Bengaluru in 2016. The company made its name with the high-performance F77 electric motorcycle, betting that India had enthusiasts who would pay a premium for an electric bike built on performance rather than on commuter economics.
What happened
The company added production of the X-47 crossover at its Electronic City plant, describing it as the world's first radar-integrated motorcycle with its UV HyperSense sixth-generation radar system. In FY25 revenue doubled to Rs 32.3 crore while the net loss widened 89% to Rs 116.3 crore; the founders said gross margins were positive on every product sold and targeted operating EBITDA break-even in late 2026. The F77 launched in the UK in 2025, expanding the brand to 12 European markets.
How it ended up
On 2025-12-04 Ultraviolette announced a $45M Series E tranche from Zoho Corporation and Lingotto, the investment firm linked to Exor and a long-time backer of Ferrari. The company said it would add a production line, bring a new facility online in 2026, launch the Shockwave and Tesseract platforms, and grow from 30 to 100 Indian cities by mid-2026; the CEO said an IPO would be considered in an 18-to-24-month window.
Background
Ultraviolette Automotive, founded in Bengaluru in 2016 by childhood friends Narayan Subramaniam and Niraj Rajmohan, builds high-performance electric motorcycles and battery technology. Its product line runs from the premium F77 to the radar-equipped X-47 crossover, with the Shockwave and Tesseract platforms planned next.
The company's bet was that India's electric-vehicle story would not be only about cheap scooters: a segment of riders would pay for an electric motorcycle designed around performance, range and battery engineering, giving a startup room to build a brand before chasing volume.
By late 2025 the bet showed signs of working. Ultraviolette said demand was scaling rapidly enough to add production shifts and another line, launched the F77 in the UK as part of a 12-country European push, and reported FY25 revenue that doubled to Rs 32.3 crore, though the net loss widened 89% to Rs 116.3 crore as it invested in capacity and products.
On 2025-12-04 the company announced a $45M Series E tranche from Zoho Corporation and Lingotto, the Exor-linked firm known for backing Ferrari. It plans to reach 100 Indian cities by mid-2026, bring new platforms and a new facility online in 2026, and said an IPO process could start within an 18-to-24-month window.
What has to be true
- Premium positioning let Ultraviolette compete on performance and battery technology instead of subsidy-driven scooter price wars.
- Positive gross margins on every product, per the founders, gave the company a credible path to EBITDA break-even even while overall losses grew from expansion spending.
- Strategic investors like Zoho and Lingotto brought long-term capital and brand credibility, with Lingotto's Ferrari heritage reinforcing the performance story.
- Expanding from 30 to 100 Indian cities and entering European markets diversified demand beyond one domestic segment.
What can be applied
Entering a price-driven market from the premium end lets hardware startups build credibility and global ambitions first, then descend to the mass market once brand and margins exist.
Aftermath
As of 2025-12-04, Ultraviolette is scaling after raising $45M in its ongoing Series E from Zoho and Lingotto. Capital supports added production shifts, another line and a new facility in 2026, plus the Shockwave and Tesseract platforms due that year. Management targets operating EBITDA break-even in late 2026 and full break-even in 2027, with an IPO process suitable within 18–24 months. Distribution spans 30 Indian cities, heading to 100 by mid-2026, with the F77 launched in the UK within a 12-country European presence.
Sources
- Ultraviolette raises $45 million from Zoho Corporation, Lingotto in Series E round
- Ultraviolette bags $45 mn from Zoho and Ferrari-owner Exor's Lingotto
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