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Ultraviolette raises $21 million in funding round led by TDK Ventures
TDK Ventures is the corporate venture capital arm of Japanese firm TDK.
"The investment round of $21-million saw strategic participation from TDK Ventures and strong continued backing from existing investors Zoho Corporation and Lingotto (previously Exor Capital) among other leading institutional investors," Ultraviolette said in a statement.
Other investors in Ultraviolette include Sriharsha Majety (co-founder & CEO, Swiggy), Ankit Nagori (co-founder, Cure Foods; former Chief Business Officer, Flipkart), Aprameya Radhakrishna (Co-founder, TaxiForSure), and actor Dulquer Salmaan, the company said.
The partnership with TDK Ventures represents a pivotal step in Ultraviolette's mission to develop and scale globally competitive performance-oriented EVs, it stated.
"We look forward to bringing our TDK Goodness to Ultraviolette and their ambitious plan to design the next generation of energy efficient and performance EV 2W platforms," said Ravi Jain, Investment Director of TDK Ventures.
Ultraviolette said it is now scaling up manufacturing, accelerating research, expanding its distribution network, and bringing its product portfolio to global markets.
"Our partnership with TDK Ventures fast forwards our efforts, from advanced battery platforms to intelligent vehicle systems. This collaboration not only accelerates our vision of future ready mobility but also reinforces our commitment to delivering electric vehicles that are aspirational and globally relevant," said Narayan Subramaniam, Co-founder and CEO of Ultraviolette.
In late 2023, TDK Ventures launched its Bengaluru Innovation Hub to empower India's exceptional entrepreneurs to scale their technologies globally by leveraging its expertise in nurturing deep-tech startups around the world, as per the statement.
The e-motorcycle maker said it is actively expanding its retail footprint across India, scaling from its current presence in 20 cities to over 100 cities nationwide.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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