Ultraviolette Automotive raises capital from GoFrugal Technologies in Series B funding
0
0
TVS Motor Company had last month announced an additional Rs 30 crore investment in Ultraviolette Automotive as part of the Series B Funding, taking its total stake in the EV startup to 29.48 per cent
Mumbai : Electric motorcycle startup Ultraviolette Automotive on Monday said it has raised capital from GoFrugal Technologies as part of Series B Funding. The firm, however, did not disclose the quantum of the funds raised.
Backed by a team of strategic investors such as TVS Motor Company, GoFrugal Technologies and Speciale Invest, Ultraviolette Automotive is looking to scale-up its operations in the immediate future by way of expanding the team, investing further in research and development (R&D) and building manufacturing capabilities, the startup said in a release.
Kumar Vembu, CEO of GoFrugal Technologies, along with Special Invest have been early investors in the Chennai-based company.
Source : economictimes
