Ultraviolette Automotive, a Bengaluru-based start-up, is looking to launch its e-bike by end-2019 and it aims to compete with petrol-engine bikes in the 200-250cc segment. Chennai-based TVS Motor Co has invested an additional Rs 6 crore for continued product engineering and R&D in the company.
TVS owns 14.78 percent stake in the start-up, and it says that Ultraviolette Automotive is engaged in developing top-of-the-line electric mobility solutions. Narayan Subramaniam, founder and CEO, Ultraviolette Automotive said, “This investment is a validation of TVS Motor Company’s faith in our product and the progress we have made so far with our motorcycle."
"We are building a high-performance, electric motorcycle that brings together the best of technology and design to deliver an unmatched user experience. The motorcycle will be enabled with smart features such as on-board diagnostics, preventive maintenance, over-the-air upgrades and ride customisation. We believe that TVS Motor Company’s continued support will go a long way in realising our goal of delivering a superior electric vehicle in India.”
