Ultraviolette Announces $100 Million Investment to Fuel Global Expansion
New Delhi (The Uttam Hindu): Premium electric two-wheeler maker Ultraviolette plans to invest up to $100 million (around Rs 870 crore) over the next three to four years to fuel its growth, focusing on expanding its product portfolio, manufacturing capabilities, and network. The company has announced plans to introduce ten new products, including scooters and long-range cruiser bikes, with a target of achieving annual sales of 1 lakh units within this period. Ultraviolette plans to expand its presence beyond India to Europe and Southeast Asia, according to its founders, CEO Narayan Subramaniam and CTO Niraj Rajmohan.
Investments in R&D and Future Plans The company has already invested in R&D to build key components, such as charging systems, battery systems, motor control, vehicle electronics, smart connected systems, and advanced sensing systems. The upcoming $70-100 million investment will be aimed at scaling the business, including product and geographic expansion. Ultraviolette is also considering an IPO in the future but intends to focus on building a stable enterprise before pursuing that route.
New Product Platforms and Sales Target Ultraviolette is focused on five major product platforms over the next three years: the F series for sports performance motorcycles, the S series for scooters, the L series for lightweight motorcycles, the X series for multi-terrain vehicles, and the B series for long-range cruisers. The company recently unveiled its first electric scooter, Tesseract, along with a lightweight electric motorcycle, Shockwave.
In terms of sales volume, the company expects to achieve 100,000 units sold in three to four years, with plans to sell 1,000 units per month by the second half of this year. Ultraviolette targets 30,000 units in annual sales by next year and expects to reach operational break-even at 1,000 vehicles per month. Company-wide profitability is expected once 30,000 vehicles are sold annually.
Expansion of Sales and Service Network Currently operating in 13 cities in India, Ultraviolette plans to expand to 30 cities by the end of this year, aiming for a presence in about 100 cities in four years. The company also plans to start its international expansion with pilot sales in select European countries, including Germany, Spain, Italy, France, and the Netherlands. Ultraviolette sees demand from markets in Latin America, Southeast Asia, South Australia, and the US but intends to focus on specific regions for efficient growth.
By focusing on strategic international growth and domestic expansion, Ultraviolette aims to build a strong foundation in the electric two-wheeler market, becoming a prominent player in the global landscape.
