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Electric bike startup Ultraviolette to secure fresh funds in ongoing round

EntrackrEntrackr · 2m ago
Electric bike startup Ultraviolette to secure fresh funds in ongoing round
Medial

Electric bike startup Ultraviolette Automotive is set to raise Rs 32.6 crore ($3.85 million) in an extended Series E1 round led by Winever Industrial Enterprises and Dilip Anand Swadi with the participation of Breathe Capital and others. This round is an extension to its previous Rs 130 crore round led by Zoho Corporation raised in December last year. The board at Ultraviolette passed a resolution to issue 1,13,540 Series E1 CCPS at an issue price of Rs 2,874 to raise the aforementioned amount, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Winever Industrial Enterprises and Dilip Anand Swadi will lead the round with investments of Rs 10 crore each, while Breathe Capital will contribute Rs 6 crore. Twin & Bull Family Office and Mangalam Equity Management will invest Rs 2.5 crore and Rs 2 crore, respectively. Resolute Futurewave and Aprameya Radhakrishna (Co-founder and CEO of Koo) will each invest Rs 1 crore. As per Entrackr’s estimates, the company will be valued at Rs 2,887 crore (approximately $340 million) post-allotment. Founded in 2016, Ultraviolette Automotive is a two-wheeler manufacturer focused on clean energy and sustainable transportation. The company currently offers four electric bike variants: F77 Mach 2, F77 SuperStreet, Tesseract, and Shockwave. According to Vahan’s data, the Bengaluru-based company sold 543 vehicles in FY25 and 86 vehicles in April. Meanwhile, its lead investor, TVS Motor, emerged as the leader in India’s electric two-wheeler (E2W) market for April 2025, selling 19,736 units and capturing a 22% market share. According to startup data intelligence platform TheKredible, Ultraviolette Automotive has raised around $79 million to date from investors including TVS Motors, Mudhal Partners, Zoho Corporation, and others. For the fiscal year ended March 2024, the company reported an operating revenue of Rs 15 crore against Rs 8.7 crore in FY23. During the same period, Ultraviolette incurred a loss of Rs 61.6 crore.

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Exclusive: Electric mobility startup Matter raises $10 Mn

EntrackrEntrackr · 1y ago
Exclusive: Electric mobility startup Matter raises $10 Mn
Medial

Electric mobility startup Matter has raised Rs 82.6 crore (approximately $10 million) in a new round. This is the maiden round of equity funding for the Ahmedabad-based e-bike manufacturer. The board at Matter has issued 1,12,837 CCPS at an issue price of Rs 7,320 each to raise Rs 82.6 crore (approximately $10 million), its regulatory filing accessed from the Registrar of Companies shows. Japan Airlines & Translink Fund invested Rs 25 crore while Info Edge backed Capital 2B Fund poured in Rs 10.8 crore. Helena Special Investments Fund and Abhay P Shah, on behalf of Miracle Carriers are likely to participate in the fundraising. As per TheKredible estimates, the company has been valued at around Rs 1,690 crore or $204 million post-allotment. The e-bike manufacturer was reportedly in talks to raise $200 million to expand its operations, distribution and factory setup. Matter launched its maiden bike in early 2023 and began its pre-orders in May 2023. A year-old firm was in the pre-revenue stage during the fiscal year ended March 2023 while the losses for the firm stood at Rs 25 crore in the same period. It’s yet to file its annual results for FY24. Matter positions itself as a premium brand and this could be evident from its price-range which starts from Rs 1.7 lakh. Unlike Ola Electric and Ather, Matter is not targeting a mass audience and doesn’t compete with the two and other traditional manufacturers. In the e-bike segment, Matter competes with Bharat Forge-backed Tork Motors, TVS-backed Ultraviolette and RattanIndia Enterprises controlled Revolt. Tork Motors raised $6 million from Maxis Capital in January this year whereas Ultraviolette has been reportedly in talks to raise a larger round to the tune of $100 million. Ola Electric, which currently manufactures electric scooters, is also planning to enter the e-bike segment by FY26.

E-bike maker Matter raises $35 Mn in ongoing Series B round

EntrackrEntrackr · 1y ago
E-bike maker Matter raises $35 Mn in ongoing Series B round
Medial

EV tech and energy storage firm Matter Motor announced that it has secured a first tranche of $35 million in Series B round led by US-based venture capital firm Helena. Other notable investors in this round include, Capital 2B, Japan Airlines & Translink Innovation Fund, Saad Bahwan Investment Management Company (SB Invest), other Institutional investors and Family Offices. The capital will be used to accelerate MATTER’s innovations in electric motorbikes and scaling in manufacturing, supply chain, marketing and retail, the company said in a press release. The firm recently raised $10 million as a part of the ongoing round which is likely to be closed at around $70 million. As per TheKredible’s estimates, the company has been valued at around Rs 1,690 crore or $204 million post-allotment. The valuation will vary after the completion of the round. Matter launched its maiden bike in early 2023 and began its pre-orders in May 2023. The firm has developed its in-house technology stack, leveraging the power of data, software and machine intelligence to create a 4-speed hyper-shift geared electric motorbike, AERA. As per the company, its product empowers riders to charge anywhere by delivering over 125 kms range per charge with a 5-amp onboard charging system. As of now, Matter has secured 40,000 pre-bookings for its electric motorbike AERA, which is set to commence deliveries this festive season. Recently, Matter’s chief executive said that the firm ​​is looking to raise between $100 million and $200 million in the next two years to establish a new manufacturing facility with total installed capacity for producing 1 million e-motorbikes. Matter was in the pre-revenue stage during the fiscal year ended March 2023 while the losses for the firm stood at Rs 25 crore in the same period. It’s yet to file its annual results for FY24. In the premium e-bike segment, Matter competes with Bharat Forge-backed Tork Motors, TVS-backed Ultraviolette and RattanIndia Enterprises-controlled Revolt. Ola Electric, which currently manufactures electric scooters, is also planning to enter the e-bike segment by early 2026.

Exclusive: Bike Bazaar raises debt from MAS Financial

EntrackrEntrackr · 1y ago
Exclusive: Bike Bazaar raises debt from MAS Financial
Medial

Two-wheeler financing and e-commerce platform Bike Bazaar has raised Rs 25 crore (approximately $3 million) in debt from MAS Financial. This is the first debt round for the Pune-based company in 2024. The board at Bike Bazaar has passed a special resolution to issue 2,500 NCDs (non-convertible debentures) at an issue price of Rs 1,00,000 each to raise Rs 25 crore, its regulatory filing accessed from the Registrar of Companies shows. According to the filings, the debt investment is for the tenure of 30 months with a rate of interest rate of 10.70% per annum. Bike Bazaar has raised around $80 million to date including its $30 million round led by Women’s World Banking Asset Management (WAM) which closed in February last year. According to the startup data intelligence platform TheKredible, Elevar Equity is the largest external stakeholder with 25% followed by Faering Capital’s 22%. Its co-founders Srinivas Kantheti and Karunakaran Vadakkepa cumulatively command 12.47% of the company. Founded in 2017, Bike Bazaar provides financing services to customers looking to buy a two-wheeler. The platform also facilitates loans for used two-wheelers and electric two-wheelers and as per its website, the company has financed over 300,000 vehicles to date. Besides financing, Bike Bazaar also has a marketplace for selling and buying two-wheelers. The company plans to use the fresh funds to scale this marketplace and aims to expand its presence in the rural market. Bike Bazaar is yet to file its financial statement for FY24 but its income from operations surged 20% to Rs 180 crore in FY23, as per its annual financial statement filed with the RoC. The company managed to control its losses to Rs 43 crore in FY23 from Rs 55 crore in the previous year. Bike Bazaar competes with startups such as Cars24, Droom, CredR, and others.

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