TVS Motor Company has announced an investment of Rs 30 crore in Ultraviolette, an EV startup in its latest round of Series B funding.

Ultraviolette commenced its operation back in 2015, and previously, the company has invested Rs 5 crore in Ultraviolette for an equity stake of 14.87% in 2017. Last November, the EV maker had revealed the pre-production version of the F77 electric bike, India’s first high-performance electric bike. The company plans to expand its business across the country and to launch its F77 electric bike in early 2021.

The Ultraviolette F77 has an air-cooled brushless DC (BLDC) motor and an output of 25 kW (33.5 bhp) and 450 Nm. The company claims that F77 has a top speed of 47 kmph and can attain a speed of 0-100 kmph in just 7.5 seconds and it has three riding modes including eco, sports and insane. The expected price of F77 is somewhere between Rs 3-3.5 lakh.

Narayan Subramaniam, Founder and CEO of Ultraviolette Automotive Pvt. Ltd. said, “TVS Motor Company has always shared our passion for building globally competitive and futuristic mobility solutions, and we are excited about our continued partnership with them.”