Ultraviolette raises $85 million to scale EV manufacturing and expand globally

Bengaluru-based electric vehicle manufacturer Ultraviolette has secured $85 million in a new funding round. The investment was led by deep-tech firms Yali Capital and TDK Ventures, with participation from existing investors and Lip-Bu Tan, Chairman of Walden International, who will also serve as an adviser to the company.

The capital is earmarked for scaling manufacturing capabilities, including a new facility designed to reach an annual capacity of 500,000 vehicles. Ultraviolette plans to use the funds to increase production of its current F77 and X-47 Crossover models while developing upcoming products, specifically the Tesseract scooter and the Shockwave enduro motorcycle.

Beyond manufacturing, the company is focusing on international expansion. Having already established a retail presence in India and 20 European countries, Ultraviolette is targeting an entry into the United States market by 2027, alongside further growth in Latin America and South-East Asia. The funding will also support the development of next-generation global EV platforms involving vertically integrated technology in battery, powertrain, and software.