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E-motorcycle maker Ultraviolette raises $15-M from TVS Motor, Zoho at $205-M valuation

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Electric bike startup Ultraviolette has raised around USD 15 million in a new round from TVS Motor Company and Zoho Corporation. This is the part of Series C round for the company which had raised INR 50 crore (USD 6.5 million) from TVS and GoFrugal in October last year. Ultraviolette has approved the allotment of 5909 Series B preference shares at an issue price of INR 190,384 per share to raise INR 112.5 crore (USD 15 million). TVS Motor Company Limited has invested INR 75 crore whereas Zoho Corporation pumped INR 37.50 crore in this round, at an estimated post-money valuation of USD 205 million. Following the fresh allotment of shares, TVS Motor has become the largest stakeholder with 33.95% whereas Zoho has acquired 2.46% stake. Existing backer GoFrugal owns 13.93% stake in the Bengaluru-based company. Ultraviolette co-founders — Subramaniam Narayan and Niraj Rajmohan — have 18.96% and 16.20% stake respectively. A pre-revenue stage firm, Ultraviolette has been developing its flagship F77 motorcycle which has three variants Airstrike, Laser and Shadow.