Coming Soon: 4,300 Crore Ultraviolette IPO To Fund New Electric Vehicle Development
Bengaluru-based electric vehicle startup Ultraviolette Automotive (UV) is now gearing up for an initial public offering (IPO) listing in the next 2-3 years. The company's co-founder and CEO Narayan Subramanyam has revealed plans to raise $400-500 million (approximately 4,300 Crores) through the listing. Ultraviolette has ambitious expansion plans for the future, fueled by the proceeds. It will also increase its research and development (R&D) budget and accelerate product expansion.
The manufacturer plans to diversify its product portfolio before heading for the listing. It intends to have its presence in at least four different segments before going public. It will ensure a strong foundation for long-term scalability and sustainability. It also eyes overseas expansion in the time ahead.
"Given our road map, we should have four different segments, including scooters, in the markets at that point. And I think that is the right time to look at an IPO scenario." Subramanyam said in an interview with CNBC-TV18.
The electric two-wheeler maker has recently been scaling rapidly. In October 2024, it used to operate in Bangalore alone. Within a span of five months, it expanded to 15 cities across India, including metros and tier-2 cities.
"From Chennai in the south to Delhi in the north, Patna in the east to multiple showrooms in Gujarat on the west, we’ve covered 15 cities across India. By the end of 2025, we should be in 50-plus cities" Subramanyam remarked.
Alongside portfolio expansion, a strong focus is set on expanding the domestic footprint. The newest launches from Ultraviolette are the Tesseract electric scooter and the Shockwave- a purpose-built electric Enduro off-road motorcycle. New launches are expected in the first quarter of 2026 as well. Details of what's in the pipeline are sparse at the time of writing this article.
Ultraviolette To Expand To Global Markets This Year
In 2025, the manufacturer will foray into global markets. The UV F77 has already secured certification and homologation for Europe. When exports begin, it will be made available in markets like Germany, Italy, Spain, France, and the UK. Beyond Europe, the electric motorcycle will be exported to Latin America and parts of Asia as well.
"We are looking at Europe to begin with. We are looking at Latin America, where there is a lot of interest. We are also looking at parts of Asia. So, these are key markets that we would focus on in the next 24 to 36 months," Subramanyam told CNBC-TV18. The manufacturer seems to have a vision of becoming a global EV player.
Upcoming Ultraviolette Electric Motorcycles And Scooters
The manufacturer is known to expand its product line across segments. One of the first launches will be an electric maxi-scooter. We expect more details of this product to surface in the coming months. Another upcoming model will be an electric cruiser motorcycle.
UV is also known to be planning an electric sports tourer model. Two more electric motorcycles are to be expected, one of which is known to be a naked street and the other an adventure tourer (ADV). These will likely sit under the 2-lakh mark.
Ferrari's Funding Firm Has Invested In Ultraviolette!
The Indian electric two-wheeler brand recently received a massive 79 Crores funding from Amsterdam-based Exor. Run by Agnelli family, Exor is a notable investor in Ferrari and holds 22.91% stake in it.
After the infusion of fresh funds, Exor holds 3.48% stake in Ultraviolette Automotive. It came as part of the manufacturer's Series D funding round. Previously, Ultraviolette had raised funds from Zoho Corporation and TVS Motor Company as well.