December 1, 2020

TVS Motor Firm invests Rs 30 crore in electrical automobile maker Ultraviolette Automotive



MUMBAI: TVS Motor Firm invested a sum of Rs 30 crore in electrical automobile maker Ultraviolette Automotive for an undisclosed stake as a part of the latter’s sequence B spherical of fundraising, the corporate introduced on Wednesday.

TVS Motor had earlier invested Rs 11 crore within the Bangalore-based firm for an fairness stake of 25.76% as per its newest annual report.

“TVS Motor is happy to see the progress and developments made by the UV group and we’re assured that these actions will go a good distance in the direction of establishing a greener future for India,” mentioned Manu Saxena, vice chairman, future mobility and vendor transformation, TVS Motor Firm.

Ultraviolette (UV) had earlier showcased a high-performance electrical bike referred to as F77. It plans to launch the bike subsequent 12 months with increasing nationwide availability deliberate in phases, in line with a press assertion. The corporate was established in 2016 by Narayan Subramaniam and Niraj Rajmohan.