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Zoho leads $45m round of Indian EV bike maker Ultraviolette
Bengaluru-based EV motorcycle maker Ultraviolette has raised US$45 million from Zoho Corporation and Lingotto, an investment firm owned by Italy’s Exor NV.
The funds will help scale production of its F77 and X-47 models and develop new products, Shockwave and Tesseract.
Ultraviolette has expanded sales to 30 cities in India, aiming for 100 cities by mid-2026, and began selling the F77 in the UK this year, now operating in 12 countries.
The company sold about 1,168 vehicles in 2025, with revenue of 36.1 crore rupee (US$4 million) and a net loss of 116.3 crore rupee (US$12.9 million) for the fiscal year ended March 2025.
Other investors include TVS Motor, Qualcomm Ventures, TDK Ventures, and Speciale Invest.
🔗 Source: The Economic Times
🧠 Food for thought
Implications, context, and why it matters.
Ultraviolette’s 300,000 units-per-year target by 2028 requires 257× production scale-up from 2025’s ~1,168 units
- A pilot facility in Bengaluru can build 30,000 units a year 1. 2025 sales were about 1,168 vehicles, under 4% of that capacity.
- Hitting 300,000 units a year by 2028 needs 257x ramp in three years 1. The $45 million raise must fund new plant capital expenditure (capex), working capital for parts, and the FY2025 net loss of Rs 116.3 crore (Indian rupees) 2.
- There are 67,000+ pre-bookings for the Tesseract and Shockwave 1. Converting them by Q1 2026 while building capacity and reaching 100 cities by mid-2026 strains supply plus distribution 1. Current volumes offer limited proof of readiness.
Third-party non-banking financial companies (NBFCs) and insurers can capture premium EV financing demand as Ultraviolette targets 100 Indian cities
- On-road prices are Rs 3.17–5.73 lakh 34 (1 lakh = 100,000) with EMIs (equated monthly installments) from Rs 8,808–11,767 54. Most lenders target Rs 1–2 lakh scooters, which leaves Rs 2.77–5 lakh+ performance loans underserved.
- An extended battery warranty up to 800,000 km on the F77 Mach 2 6 and five-year fuel savings near Rs 2.49 lakh 3 can improve collateral, which specialized EV NBFCs can price better than lenders without EV residual value (resale value) models.
- The move from 30 to 100 cities by mid-2026 invites new insurance. A 155 kmph (kilometers per hour) top speed with a 2.8 second 0–60 kmph run needs performance actuarial models 7. The 10.3 kWh battery needs EV cover for degradation and charging incidents 6.
