Electric Bike Manufacturer Raises 2.8 Crore From Founder of Zoho
Ultraviolette Automotive Private Ltd., a Bangalore-based electric bike company was allotted 3,848 equity shares of INR 10/- at a premium of INR 7,399/- in February according to regulatory filings. After which, Kumar Vembu’s founder of Zoho & Go-frugal Technologies invested INR 2.8 Crore in the company.
Back in December, TVS announced to have bought a 14.78% stake in startup Ultraviolette Automotive Pvt. Ltd. The company already tested three prototypes despite not launching any electric two-wheelers yet. It has already crafted its business model which projects the delivery of motorcycles by the end of 2018. They amassed a total revenue of INR 3.21 lakhs in 2016-17 and only generated INR 31,570 in 2015-16.
The automotive company believes in the future with clean energy and sustaina...