Qualcomm backs India EV maker Ultraviolette
Qualcomm Ventures and Lingotto, the largest shareholder in Ferrari, have invested in India’s Ultraviolette Automotive, an electric vehicle maker focused on two-wheelers.
The investment amounts to USD 24m and it extends an ongoing Series D round to USD 34m, according to local media.
Qualcomm has at least 16 portfolio companies in the automotive space globally, including Ultraviolette and fellow Indian start-up MapmyIndia, a navigation and tracking technology provider.
The US-based VC is also an investor in Bounce, an app-accessible two-wheeler rental service that has a fleet of 30,000 scooters with a strong focus on electrification. Bounce claimed to have facilitated 32m rides to date, 5.1m of which have been with EVs.
Lingotto is an investment unit of Dutch holding company Exor that recently rebranded from Exor Capital. In addition to Ferrari, Exor is an investor in Netherlands-based Stellantis, one of the largest carmakers globally. Stellantis was formed last year through a merger between Fiat Chrysler Automobiles and France’s PSA Group.
Ultraviolette is currently launching its first major product, F77, which is said to have received pre-order interest from more than 65,000 potential customers across India, the US, and Europe. F77 has angular design features and is marketed as a sports bike with a top speed of 150 kilometres per hour. It has a range of 307km on a single charge, touted as industry-leading.
Previous investors include TVS Motor, one of the largest motorcycle makers in India, as well as deep tech-focused Speciale Invest, and software companies Zoho Corporation and GoFrugal Technologies. All four joined Lingotto in an initial USD 15m Series D tranche last August.
Two wheels are better than four in India, where a focus on electrification in dense urban areas means mobility-as-a-service, micro-mobility, and public transport are prioritised over private-use cars. Two-wheelers are also seen as more easily converted. They have few electronic engineering issues, and unlike cars, can be plugged into normal power outlets.
The leader in this space is arguably Ather Energy, which raised USD 50m last month from the likes of motorcycle giant Hero Moto Group, lifting its Series E to USD 178m. Ather’s most recent model – more scooter than motorcycle – has a range of 105km. The company also has around 310 charging points, making it one of the few players with its own charging infrastructure.
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