TVS Motor takes Stake in EV Start-Up

TVS has picked up a 14.78 percent stake in Ultraviolette Automotive, a Bengaluru-based electric two-wheeler and energy infrastructure start-up. Ultraviolette Automotive was founded by Niraj Rajmohan (CTO) and Narayan Subramaniam (CEO). The company is tiny and currently operates with a 13-member unit. For now, there's very little known about the start-up, except that it is currently testing various two-wheeler prototypes, battery packs, and other electric offerings. TVS is said to be working on an electric scooter that's due in 2018.