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Indian electric motorcycle startup Ultraviolette Automotive has raised $45 million in a new tranche of funding from existing backers Zoho Corporation and European investor Lingotto an investment firm of the group which owns luxury automaker Ferrari. The funds are part of an ongoing round which aims to support Ultraviolette’s growth and product expansion plans both in India and overseas. The funds are earmarked for growth across several fronts: scaling production and marketing efforts for the Ultraviolette’s existing lineup of electric motorcycles – including the performance-focused F77 model and the new crossover-style X‑47 variant that recently went on sale and for product development for upcoming launches – two new motorcycles codenamed “Shockwave” and “Tesseract”. Ultraviolette is a Bengaluru-based company that was founded in 2016 by co-founders Narayan Subramaniam and Niraj Rajmohan who have set the company apart from the wave of more utility-focused EV scooter makers in India by aiming to produce high-performance electric two-wheelers. Commenting on the latest funding round the company’s co-founders said that it will enable aggressive scaling. The two-wheeler maker’s current customer reach is to around 30 Indian cities but it aims to increase its retail reach to 100 cities by the second half of 2026. “In addition to ramping up our operations in India this funding will also support our expansion plans overseas. We have started shipping the F77 to various countries and have already started sales in the UK” the company added. Ultraviolette had previously raised $21 million in a funding round in August 2025 led by a group of investors including TDK Ventures Zoho and Lingotto which the startup said would be used to “accelerate product development and commercialization” of its electric motorcycles. The latest tranche of funding by Zoho and Lingotto brings to $66 million the total new capital raised by Ultraviolette in its latest round. So far the startup has raised $96 million in total from investors. Money and the monthly payment terms for the new round were not disclosed although the startup had previously said that the $21 million funding round led by TDK Ventures Zoho and Lingotto closed at a valuation of $195 million. Profitability is still some way off for Ultraviolette as its most recent financial results from its FY2025 ended in March 2025 show. Revenues for the year came to ₹36.1 crore and the company posted a net loss of ₹116.3 crore. Ultraviolette is operating with significant losses as it continues to scale manufacturing capacity and production output which in turn helps meet the high investments on R&D as well as in brand marketing and distribution build-out. This latest funding round by Zoho and Lingotto will help Ultraviolette cover these operating losses in the short term. Ultraviolette has differentiated itself in a crowded Indian EV two-wheeler market by aiming for the premium end of the market both in terms of product design and pricing. Zoho and Lingotto both see this as Ultraviolette’s USP that could help set it apart as it can leverage high-performance motors longer range batteries and its design credentials to target an EV two-wheeler segment beyond low-cost scooters and commuter-oriented motorcycles. Ultraviolette now competes with a host of well-funded both new as well as legacy EV two-wheeler makers that have either already launched vehicles or are in the final stages of development with many vying for market share in the country. While the EV two-wheeler segment in India has received a lot of investor attention premium EV motorcycles are an emerging segment with comparatively less competition in the country — a factor that will also draw Ultraviolette’s challengers to enter this market space if it can find mass market demand for such “performance EVs”. Some in the industry have pointed to lack of economies of scale continued high cost of components like batteries and high price points as current key constraints in the EV two-wheeler market as the nascent market is still only scratching the surface of volumes to justify such cost optimization.