Ultraviolette Plans $100 Million Investment to Expand Electric Vehicle Portfolio Globally

Company to Launch 10 New Electric Vehicles Including Scooters and Cruisers​

Ultraviolette Automotive, a premium electric two-wheeler manufacturer, plans to invest up to USD 100 million (approximately Rs 870 crore) over the next three to four years. This significant investment aims to support the company's ambitious growth strategy, encompassing product portfolio expansion, manufacturing enhancements, and establishing a wider network.

In an announcement, Ultraviolette’s CEO and Co-founder Narayan Subramaniam, along with CTO and Co-founder Niraj Rajmohan, revealed their target to achieve annual sales of 100,000 units within the next three to four years. Ultraviolette is not only focusing on the Indian market but also aims to establish its presence in Europe and Southeast Asia.

Strong Foundation in R&D and Technology​

According to Rajmohan, the company has already invested extensively in research and development to build essential components such as advanced battery systems, motor controls, smart-connected vehicle technologies, charging infrastructure, and vehicle control electronics.
Rajmohan emphasized, "We are in discussions from a larger investment point of view, in the order of USD 70-100 million, dedicated to scaling our product portfolio, geographic expansion, and overall growth."

IPO Considerations Remain Open​

Addressing questions on a potential Initial Public Offering (IPO) to raise further capital, Subramaniam mentioned that the IPO discussions are ongoing, but the decision will be taken only when appropriate.
“These conversations are always active. However, our priority right now is to establish a stable enterprise across multiple product lines and geographies, ensuring readiness before approaching an IPO,” Subramaniam explained. He further assured that the company is sufficiently capitalized to accelerate its immediate expansion plans.

Ultraviolette to Expand into Multiple Vehicle Segments​

Subramaniam detailed the company's ambitious product roadmap over the next three years. Ultraviolette will launch vehicles across five distinct product platforms:

• F Series: Sports performance motorcycles.
• S Series: Scooters.
• L Series: Lightweight motorcycles.
• X Series: Multi-terrain capable vehicles.
• B Series: Long-range cruiser motorcycles.

Within this strategy, Ultraviolette has planned ten new products, including a bike under its existing F series, two scooters under the S series, two lightweight motorcycles under the L series, three multi-terrain vehicles under the X series, and two cruiser motorcycles under the B series.

Recently, the company unveiled its first electric scooter, the Tesseract, alongside a lightweight electric motorcycle, Shockwave.

Ambitious Sales Targets and Profitability Outlook​

Ultraviolette aims to reach monthly sales of 1,000 units by the second half of this year, targeting an annual sales volume of 30,000 units next year. The company projects that factory-level operational break-even will occur at the 1,000-unit mark.

Rajmohan clarified, "At an annual production of 30,000 vehicles, the company will become EBITDA positive."

Strategic Network Expansion Across India​

Currently present in 13 Indian cities, Ultraviolette plans rapid network expansion, targeting 30 cities by the end of this year. Subramaniam highlighted, "As our mass-market products launch, we’ll strategically accelerate our network expansion in the second half of the year, eventually reaching about 100 cities in four years."

Pilot International Expansion Starting with Europe​

This year marks Ultraviolette's pilot phase for international sales. The company has already identified partners in European markets, including Germany, Spain, Italy, France, and the Netherlands.

Rajmohan elaborated, "Our strategy is to initially enter selected European markets, refine our operations with local partners, and leverage this experience for broader international growth next year. Our products are already certified for 40 countries."

He noted additional demand from Latin America, Southeast Asia, South Australia, and the United States but clarified that immediate efforts would concentrate on European regions due to geographic proximity, resource availability, and technical support advantages.

"The U.S. market is not currently a priority on our radar," Rajmohan concluded.