Ultraviolette raises $39M more in Series E to expand EV manufacturing
What's the deal? Ultraviolette Automotive, an Indian electric two-wheeler maker, has raised an additional INR 3,730,400,000 (roughly $39 million) as part of its ongoing Series E round. Yali CapitalDealroom has a profile for this one. Try Dealroom →'s Yali Deeptech Fund I and TDK VenturesDealroom has a profile for this one. Try Dealroom → supplied INR 2,492,000,000, with angel investors Adi Hirji Jehangir, Anshumi Desai, Janak Desai, Mahak Khabia, and Zafar Ahmadullah also taking part.
The details: Shareholders approved a preferential issue of Series E3 and E4 preference shares. The company allotted 815,000 E3 shares at INR 2,435 each to raise INR 1,975,000,000, plus 724,000 E4 shares for another INR 1,755,000,000.
By the numbers: The raise ranks around the 49th percentile by amount among comparable rounds — a mid-sized deal rather than an outlier. Ultraviolette has now raised more than $135 million to date from backers including TVS MotorsDealroom has a profile for this one. Try Dealroom →, Qualcomm Ventures, Zoho, and LingottoDealroom has a profile for this one. Try Dealroom →.
What's the endgame? Ultraviolette is investing more than INR 10,000,000,000 over five years to expand manufacturing. Roughly INR 8,000,000,000 goes to its new BIGGA Factory — initial capacity of 250,000 vehicles a year, scalable to 500,000 — with INR 2,000,000,000 for its existing Bengaluru plant.
Why now? The founders say demand across the current lineup already tops 10,000 units a month, with tens of thousands of bookings for upcoming models Shockwave and Tesseract. TDK Ventures first backed the company in August 2025, leading a $21 million round, while Yali Capital is a new investor.
What could go wrong? India's electric two-wheeler market has been volatile. Ultraviolette sold 583 units in August, down from 702 in July, giving it a 0.3% market share — a thin base for its planned scale-up.
The signal: The round and the factory push mark Ultraviolette's bid to move beyond a niche premium motorcycle maker toward volume production. It aims to draw about 25% of revenue from exports over five years, having launched its F77 in the United Kingdom in November and now selling across 12 European countries. Whether its platform-focused strategy converts into sustained volume remains the open question.
Image credit: Ultraviolette Automotive
