Ultraviolette Automotive raises $21M to drive EV innovation & global expansion

Ultraviolette Automotive raised $21M, with backing from TDK Ventures, Zoho, and Lingotto, to advance EV innovation and global expansion. The company is growing in India and Europe with its F77 Mach 2 and SuperStreet models. CEO Narayan Subramaniam stressed the boost to battery tech and vehicle systems. Competing with Ola Electric and Oben Electric, Ultraviolette saw FY24 revenue hit ₹23.9 crore, but losses rose to ₹61.6 crore.