By AUTOASTRA Editorial · 24 Sept 2026 · Electric
Ultraviolette raises 85 million dollars led by Yali Capital and TDK Ventures, with Intel CEO Lip-Bu Tan investing personally, to scale its Tamil Nadu factory.
Bengaluru-based electric two-wheeler maker Ultraviolette Automotive has raised 85 million dollars in a Series E round led by deep-tech investor Yali Capital and TDK Ventures. In a striking endorsement, Intel chief executive Lip-Bu Tan has invested his own money in the round and will join the company as an adviser, having first tracked the firm since before its first product launch in 2019.
The funding lands at a critical moment for the company. Ultraviolette has received more than 70,000 paid bookings for the Tesseract, its first electric scooter, and now needs the manufacturing muscle to deliver them. The company's existing lines can build about 50,000 to 60,000 vehicles a year, while the new Rs 779-crore Tamil Nadu plant is designed for 2.5 lakh units initially, expandable to 5 lakh. That factory is expected to go live in six to eight months with full-scale production planned for the July to September quarter of 2027.
| Metric | Figure |
| Latest round | 85 million dollars, Series E |
| Lead investors | Yali Capital, TDK Ventures |
| Notable personal investor | Intel CEO Lip-Bu Tan, joining as adviser |
| New Tamil Nadu plant | Rs 779 crore, 2.5 lakh units annual capacity |
| Tesseract paid bookings | More than 70,000 |
| Current markets | India plus 20 European countries |
| Next entries | United States in 2027, then Latin America and Southeast Asia |
The capital will fund higher output of the F77 and X-47 motorcycles, preparation for the Tesseract scooter and the Shockwave motorcycle, and development of future global EV platforms. The technical story is also worth noting: Ultraviolette has developed battery systems spanning 48-volt to 400-volt architectures, with the Tesseract moving to a 100-volt setup against the 48-volt systems common in Indian scooters. The company says vehicles in the field have crossed 100,000 km while retaining more than 96 percent of their original rated battery capacity, and it has applied for over 50 patents in battery technology.
The company is also expanding its India footprint from around 50 locations to 100 by the end of this year.
If you hold a Tesseract booking, this round is reassurance that delivery capacity is being funded rather than just marketing. For the broader market, a well-capitalised Indian performance EV brand with Silicon Valley validation strengthens the domestic two-wheeler EV story against Chinese import pressure. Track how the segment is shaping up on AUTOINDIA and weigh your options on our Compare page.
(Sources: Ultraviolette Automotive announcement, timesofindia.indiatimes.com, moneycontrol.com. Logo image: Wikimedia Commons, public domain)
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