TVS Motor buys a stake in Bengaluru-based EV maker Ultraviolette Automotive.
Post the launch of its first ever full faired motorcycle, the Apache RR 310, TVS has made a strategic move of investing in EV (electric vehicle) maker and energy infrastructure start-up Ultraviolette Automotive. The automaker has picked up a 14.78 percent stake in the Bengaluru-based EV maker which was set up in December 2016 by Niraj Rajmohan (CEO) and Narayan Subramaniam (CTO).
Currently, the company consists of a 13-member team and is testing various two-wheeler prototypes, battery packs and other offerings. TVS is working on an electric scooter and this alliance could very well be of some help to the automaker.
Last year, Hero MotoCorp had acquired a 26-30 percent stake in Bengaluru-based Ather Energy, investing Rs. 180 crores, which was the bulk of an overall Rs. 205 crores investment from the bike maker. The company is developing the S340 – India’s smart electric scooter which is expected to launch soon. The company has also seen investments previously from Tiger Global, Sachin and Binny Bansal, founders of Flipkart, in their personal capacity.
Tork Motorcycles is another such EV maker who’s seen funding from Bhavish Agarwal and Ankit Bhati, co-founders of Ola, a cab aggregator company, and other investors. EVs are expected to be in demand in the coming years given the Government’s heightened focus on electric mobility.
– TVS buys 14.78 percent stake in Ultraviolette Automotive
– Ultraviolette Automotive is a Bengaluru-based EV maker and energy infrastructure start-up
– For TVS, this is clearly a strategic investment