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TVS Motors Ventures Into The Future With Stake In Electric Vehicle Startup Firm
TVS Motors buys 14.78 percent stake in electric vehicle (EV) startup Ultraviolette Automotive
In the backdrop of entering the premium sports bike segment with the Apache RR310, TVS Motors Company wants to venture into the electric vehicle segment in India.
The Hosur based motorcycle manufacturer has acquired 14.78 percent stake for Rs 5 crore in Ultraviolette Automotive, an electric vehicle startup based in Bangalore. The EV startup, which develops electric vehicles and energy infrastructure, was incorporated in December 2015.
Ultraviolette Automotive has tested three prototypes so far; however, has not launched a two-wheeler EV yet. The company founded by Niraj Rajmohan (CTO) and Narayan Subramaniam (CEO) in December 2015 and the company currently includes a 13-member team.
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The startup intends to build EVs that need for transportation in an urban environment by designing and developing electric two-wheelers and battery packs with an upmarket look.
TVS Motors is the second player in the two-wheeler segment to invest in EV startups after Hero MotoCorp announced an investment nearly Rs 205 crore in Bangalore-based Ather Energy Pvt. Ltd.
DriveSpark Thinks!
TVS Motors understands the need to move towards electrification of automobiles and the reason behind its stake in an electric vehicle startup. The startup will offer much-required intel on electric vehicles, especially in two-wheelers.
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