TVS Motor Inc said on Monday it has made fresh investments in electric bike maker Ultraviolette Automotive. Zoho Corporation has joined TVS Motor in the latest round of C Series funding, to support Ultraviolette's vision of developing high-performance mobility solutions for India and global markets, the two-wheeler maker said in a regulatory filing.
It added that the company, has been an early backer of Ultraviolette, has led the investment in this round.
Ultraviolette, which is setting up its manufacturing and assembly plant in Electronics City, Bengaluru, will utilise this investment in the production and commercial launch of its high-performance electric motorcycle, the F77, and will launch the first batch of motorcycles in the first half of 2022.
"EVs are a huge focus area for us and we have invested in this field for more than a decade. TVS is committed to developing exciting and ambitious products, and we have always believed that the development of EV has to be ground-up for us to make that quantum leap into the global EV revolution, TVS Motor Company Joint Managing Director Sudarshan Venu noted.
He added that Ultraviolette brings these values to life in a way unique to F77, and the company is excited to support this.
“We are pleased to have chosen to partner with them at an early stage, and I am confident that the Ultraviolette EV line will see rapid adoption across the country and the world,” Venu stated.
Narayan Subramaniam, founder and CEO of Ultraviolette Automotive, said the investment by TVS Motor Corporation and ZOHO Corp. is a validation of the company's endeavour to redefine the future of mobility.