Zoho Leads $45 Mn Round Of Indian EV Bike Maker Ultraviolette

• December 4, 2025

Series E Investment Boosts F77 and X-47 Manufacturing and Worldwide Growth

Bengaluru’s premium electric motorcycle manufacturer Ultraviolette Automotive has secured $45 million (₹404 crore) in its current Series E financing round led by Zoho Corporation and Italy’s Lingotto – the investment division of Exor, Ferrari’s holding company. This financing will accelerate manufacturing of flagship models F77 and the newly released X-47 crossover, enhance battery development, and support upcoming platforms codenamed Shockwave and Tesseract.

Established in 2016 by Narayan Subramaniam (CEO) and Niraj Rajmohan (CTO), the company develops high-performance electric vehicles combining racing dynamics with eco-friendly engineering. Supported by TVS Motor, Qualcomm Ventures, TDK Ventures, and Speciale Invest, the manufacturer expanded across 30 Indian cities within 12 months and introduced F77 models in the UK, planning expansion to 100 locations by mid-2026 across 12 European countries.

Manufacturing Expansion and International Growth

Proceeds will finance new production lines at the Hosur facility – doubling capacity following X-47 demand growth – along with additional state-supported manufacturing sites. FY25 revenue doubled to ₹32.3 crore though net losses increased 89% to ₹116.3 crore due to expansion investments. The company maintains positive gross margins per unit, targeting EBITDA breakeven by late 2026 and full profitability in 2027.

Subramaniam noted investor alignment: “Lingotto’s heritage with performance brands complements Zoho’s dedication to domestic innovation, matching our vision perfectly.” Rajmohan emphasized development priorities: “We’re prioritizing expansion, improving battery technology, refining performance capabilities, and preparing for global market scaling.”

Strategic Support in Premium EV Market

Zoho’s founding team brings technology expertise while Lingotto contributes European automotive experience. The manufacturer differentiates through internal R&D – developing proprietary powertrains, frames, and software – producing 200+ kmph F77 models (0-60kmph in 2.8s) and off-road capable X-47 variants.

India’s premium electric two-wheeler sector grows at 40%+ annually, with increasing competition from Oben, Revolt, and similar manufacturers. UK market success positions Europe as crucial for future expansion.

Pathway to Market Leadership

Financing accelerates European certifications, ASEAN market entry, and more accessible product segments. New Hosur facility shifts augment capacity with additional factories aiming for 10x production by FY28.

Challenges include component supply fluctuations, charging infrastructure development, and achieving profitability as subsidies reduce. Competitive advantages include certified platforms, international investment validation, and performance benchmarks.

This investment reinforces the company’s premium market positioning, fusing motorcycle performance heritage with electric innovation for domestic electrification and global market entry.