Mumbai: TVS Motor has invested Rs 30 crore in electric car maker Ultraviolette Automotive for an undisclosed stake as part of its latter’s series B round of fundraising, the company announced Wednesday.
TVS Motor had earlier invested Rs 11 crore in a Bangalore-based company for a 25.76% ownership stake according to its latest annual report.
“TVS Motor is pleased to see the progress and advancements that the UV team has made, and we are confident that these actions will go a long way toward creating a greener future for India,” said Manu Saxena, Vice President of Future Mobility and Transformation of Distributors, TVS Motor Company.
Ultraviolette (UV) had earlier showcased a high-performance electric motorcycle called F77. It plans to launch the motorcycle next year with expanding national availability in phases, according to a press release. The company was established in 2016 by Narayan Subramaniam and Niraj Rajmohan.