Ultraviolette raises $85 million to expand EV production and enter U.S. market

Ultraviolette, a Bengaluru-based electric vehicle company, has raised $85 million in a funding round led by Yali Capital and TDK Ventures. Lip-Bu Tan, chairman of Walden International, also invested in his personal capacity and will join the company as an advisor.

The capital is intended to scale production of the company’s F77 and X-47 Crossover electric two-wheelers and support the market launch of upcoming models, including the Tesseract and Shockwave. Ultraviolette also plans to use the funds to develop next-generation EV platforms featuring vertically integrated battery technology, power electronics, and intelligent software. The company aims to increase annual production capacity to 500,000 units.

Currently operating in India and 20 European countries, Ultraviolette has announced plans to enter the United States market in 2027, with further expansion targeted for Latin America and Southeast Asia.