TVS Acquires 15% Stake In Electric Vehicle Startup Ultraviolette Automotive For $700K

201712.11
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Two wheeler maker TVS announced that it has bought a 14.78% stake in Bengaluru-based electric vehicle startup Ultraviolette Automotive Pvt Ltd, which primarily works on electric two wheelers and energy infrastructure. According to a stock exchange filing, the investment is to the tune of $700K. Companies need to acquire expertise to meet the government’s 2030 (all-EV) goal Ultraviolette was founded in December 2015 by Niraj Rajmohan and Narayan Subramaniam. It was running as a bootstrapped startup until now, with a self funded capital of $77.5K.

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