Indian automotive company, TVS, and Zoho Corp, a Software as a service giant are investing in an electric two-wheeler company, Ultraviolette Automotive. The financial details of the transaction are still not out. Ultraviolette has raised around $15 million from TVS and Zoho and is now valued at an estimated $200 million.
Ultraviolette is planning to use the funds for the launch of its F77 electric motorcycle, which is in its final stages of testing and can launch in the first half of 2022. After its first showcase in 2019, it has received more than 50,000 bookings so far. Ultraviolette Automotive is a Bengaluru-based automotive company, founded in 2016 by Narayan Subramaniam and Niraj Rajmohan.