TDK Ventures, the early-stage corporate venture capital arm of Japanese electronics maker TDK, has invested $21 million in Indian electric vehicle manufacturer Ultraviolette. The Bengaluru-based startup launched in 2016 in India, where it expects to generate nearly half its revenues.
It has expanded and supplied its electric sports bikes to Germany, France, Switzerland, the UK and other European countries. The new funding will help Ultraviolette expand its retail presence to over 100 cities in India and internationally.
It will also support the roll out of new models, including scooters, at lower price points, with the goal of having 14 models by 2028.
Software and hardware
The Indian software company Zoho participated in the latest round after topping up an earlier investment last year and leading a 130 million rupees ($14.8 million) round. London-based investment firm Lingotto, and other angels and institutional investors also joined in. The startup had raised its series C in 2021 from TVS Motor Company and Zoho.
