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Zoho-backed Ultraviolette reports Rs 32 Cr revenue and Rs 116 Cr loss in FY25

EntrackrEntrackr · 18d ago
Zoho-backed Ultraviolette reports Rs 32 Cr revenue and Rs 116 Cr loss in FY25
Medial

Zoho-backed Ultraviolette reports Rs 32 Cr revenue and Rs 116 Cr loss in FY25 Electric mobility firm Ultraviolette Automotive grew its operating scale by 115% in the fiscal year ending March 2025. However, its losses also rose 88% and crossed the Rs 115 crore threshold during the same period due to a more than 2X surge in the cost of parts, batteries, and other inputs. The company’s revenue from operations grew to Rs 32.3 crore in FY25 from Rs 15 crore in FY24, according to its annual financial statements sourced from the Registrar of Companies (RoC). Founded in 2015 by Narayan Subramaniam and Niraj Rajmohan, Ultraviolette designs performance-oriented, aspirational EV two-wheelers. Revenue from the sale of these two-wheeler vehicles was the major source of revenue for the company during the last fiscal year. According to Vahan data, the company has sold a total of 547 vehicles in FY25. The cost of materials was not the primary expenditure for the two-wheeler manufacturer. Instead, employee benefit expenses emerged as the largest cost driver, making up 31% of the total expenses. This cost rose 28% to Rs 59 crore in FY25. The company also spent Rs 7.6 crore in research and development and Rs 7 crore in IT expenses in the same period. Cost of material, however, jumped 2.2X to Rs 33 crore in FY25 from Rs 15 crore in FY24, while advertising spiked 4.8X to Rs 29 crore in FY25. The company’s depreciation stood at Rs 27.5 crore. Overall, total expenses rose 77% to Rs 189 crore in FY25 from Rs 107 crore in the previous year. With expenses far outpacing revenue growth, Ultraviolette’s net loss increased 88% to Rs 116 crore in FY25 from Rs 61.6 crore in FY24. Its ROCE and EBITDA margin widened to -40.88% and -396.75% respectively. On a unit basis, the firm spent Rs 5.85 to earn a rupee in FY25, an improvement from Rs 7.13 spent per rupee of revenue in the previous year. Ultraviolette closed the fiscal with Rs 46 crore in cash and bank balances and current assets worth Rs 170 crore. According to TheKredible, Ultraviolette has raised a total of $100 million of funding till date, having TVS Motor Company and Mudhal Partners as its lead investors. The company’s co-founders Narayan Subramaniam and Niraj Rajmohan together own 29% of the company.

Andrew Ng plans to raise $120M for next AI Fund

TechCrunchTechCrunch · 1y ago
Andrew Ng plans to raise $120M for next AI Fund
Medial

The AI Fund, a startup incubator founded by Andrew Ng, plans to raise over $120 million for its second fund, AI Venture Fund II. The SEC filing shows that the fund has so far raised $69.75 million from 13 partners. Ng, who is a prominent figure in the AI community and the founder of Google Brain, launched the AI Fund in 2018 with $175 million. The idea behind the fund is to provide funding to companies in the seed and series A stages, connecting them with Ng's extensive network. The second fund is expected to be smaller than the first, but still larger than the initial target of $50 million. This comes as generative AI dealmaking has declined in recent quarters, potentially due to enterprise reluctance and concerns about productivity gains and data compromises.

India drives TCS growth buzz

Economic TimesEconomic Times · 1y ago
India drives TCS growth buzz
Medial

- TCS, India's largest software exporter, reported a 5% YoY increase in net profit to Rs 11,909 crore in Q2. - The company's revenue surpassed expectations, posting consolidated revenue of Rs 64,259 crore, a 7.6% YoY growth. - TCS cited the ramp-up of its deal with BSNL as a key driver for its performance, while clients in America and Europe remained cautious with technology spends. - Margins for TCS shrank to 24.1%, marking the second consecutive quarter of contraction. - The company added 5,726 employees in Q2, bringing the total employee count to 612,724 at the end of September. Attrition increased to 12.3%. - TCS mentioned a positive outlook with signs of improvement in financial services in North America and expects better performance in Q2 of FY25.

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