Ferrari backer, Qualcomm invests $24 mn in EV bike maker Ultraviolette, Auto News, ET Auto
Ultraviolette Automotive Pvt. Ltd., on Tuesday announced investments from Ferrari’s anf football club Juventus’s largest shareholder and Qualcomm Ventures to expand the Series D round. These investments, though undisclosed are believed to be around $25 million, said people in the know.
The funds from Lingrotto and from Qualcomm will be deployed towards ramping up the company’s presence in India, subsequent expansion in international markets as well as strengthening the brand’s technological capabilities and prowess.
Lingotto (formerly Exor Capital) is a fully owned subsidiary of EXOR N.V which has the largest or controlling stakes in companies including sports car maker Ferrari, auto giants Stellantis formed in 2021 on the basis of a 50–50 cross-border merger between the Italian-American conglomerate Fiat Chrysler Automobiles and the French PSA Group, CNH Industrial, Iveco Group, The Economist Group, Via and the soccer team Juventus.
“As we countdown to the commercial launch of the F77 in India, this investment is a testament to the fact that we have been able to create a distinct identity for Ultraviolette and the F77 and build aspiration for the product across global audiences,” said Narayan Subramaniam, Co-Founder and CEO, Ultraviolette.
With an industry leading IDC range of 307 kms on a single charge, the Ultraviolette F77 will be commercially launched on November 24th. The company opened its pre-orders on Oct 23rd and will roll out the product in a phased manner, with the first batch of motorcycles being delivered in the city of Bangalore.
Qualcomm Ventures invests in companies focused on 5G, Artificial Intelligence, Automotive, IoT, Enterprise and Cloud, and XR/Metaverse. Qualcomm Ventures has over 150 portfolio companies in its portfolio and manages over $2 billion in assets across the United States, China, India, Israel, Europe, Latin America, and Korea.
“We look forward to the acceleration of the transformation that is already underway within the automotive industry by enabling companies, such as Ultraviolette, with not only access to capital but also the opportunity to potentially leverage Qualcomm’s world class technology innovations,” said Quinn Li, Senior Vice President, Qualcomm Technologies, Inc. and global head of Qualcomm Ventures.
“While we focus on commercially availability of the F77 in India, we are also actively building the roadmap for our subsequent expansion in international markets, and this capital infusion will be integral in augmenting our efforts in some of these markets,” added Niraj Rajmohan, Co-Founder and CTO, Ultraviolette.
Bangalore based Ultraviolette Automotive Pvt. Ltd was established in 2016 to create top-of-the line mobility solutions, that’s driven by progressive design and energy efficient technology. Ultraviolette Automotive is developing India’s first ecosystem of high-performance electric vehicles and future-ready energy infrastructure.