What happens when you cross the pragmatic bootstrapper philosophy of Zoho with the racing heritage of Ferrari? You get the latest cap table of Ultraviolette Automotive.
In a funding round that closed this week, the Bengaluru-based electric motorcycle maker raised $45 Million (₹380 Cr) in Series E funding. The round was co-led by Zoho Corporation and Lingotto, an investment firm owned by Exor N.V.—the Agnelli family holding company that controls Ferrari, Stellantis, and Juventus.
The "Deep Tech" Differentiator
Founded in 2016 by Narayan Subramaniam and Niraj Rajmohan, Ultraviolette isn't just assembling parts. They are building what they call "India's first high-performance EV ecosystem."
Unlike the crowded electric scooter market (Ola, Ather), Ultraviolette focused on the premium motorcycle segment with its flagship F77. The bet was risky: building high-speed battery packs that don't overheat in India's grueling climate requires serious R&D.
This engineering-first approach is what attracted Zoho’s Sridhar Vembu. "We don't usually invest in hardware," a Zoho insider might say, but Ultraviolette's battery management systems (BMS) and software stack are pure deep tech.
"Lingotto’s legacy of backing iconic performance brands, combined with Zoho’s commitment to Indian innovation, aligns perfectly with our mission... We are scaling up for the world."
— Narayan Subramaniam, CEO
Use of Funds: The X-Factor
Global Expansion
Already live in 12 European countries (including the UK). The goal is to reach 100 cities globally by mid-2026.
New Platforms
Funding will fuel two secret projects: 'Shockwave' and 'Tesseract', likely expanding into new EV categories.
FounderStory Takeaway
This deal proves that Indian hardware startups can attract global patient capital if they own their IP. Exor doesn't invest in "me-too" brands; they invest in legacy builders. For Narayan and Niraj, who started out winning college robotics competitions together, this is the validation that Indian engineering can stand shoulder-to-shoulder with Italian performance.