Ultraviolette eyes global market for its sports bike. (Photo by arrangement)
Pune: Electric bike maker Ultraviolette, which has raised $55 million or Rs 400 crore from a clutch of investors, and opening a dealership store in Istanbul in Turkey this month, is planning to open 5 more stores in Europe this year.
“To cater to the demand for our sports bikes from overseas markets, we are opening our dealership network in Germany, France, Switzerland, Spain and Austria this year,” Niraj Rajmohan, CTO & co-founder at Ultraviolette Automotive, told Financial Chronicle.
“We have done our research and we want to crack the 5 per cent of the sports bikes market in the regions we will enter,” he said.
In fact, Rajmohan averred that 50 per cent of the bikes produced by the company in India would be shipped to overseas markets.
He said the tests for road worthiness of Ultraviollette bikes in Europe were over and the company was waiting for ECE certification for European standards.
Rajmohan said the F77 Mach 2 and the F77 Mach 2 Recon sports bikes produced at its Bengaluru factory would be shipped to the European markets by the end of this year.
The Bengaluru-based innovator in future-ready EV platforms and battery technology, which opened its second experience story in Pune last weekend, plans to open a total of 25 stores in as many cities across India by the end of calendar year 2024.
Rajmohan said the company was targeting a sizable share of the aspirational bike segment in the country. “In FY24, we target to sell 5,000 units of F77 MACH 2 bikes and next year our mandate is to sell 30,000 units,” he said.
Rajmohan said India sells more than 80,000 “aspirational” or high-end bikes every month and about 12-14 million motorcycles are sold in India every year.
“At present, we can produce 10,000 bikes annually in one shift and the capacity can be scaled up to 30,000 units,” Rajmohan said.
He said the company was also in the final rounds of talks with a couple of private equity players to raise an additional $100 million over the next six months.
The present investors in the company include TVS Motor Company, Lingotto, EXOR Capital, Qualcomm Ventures, Zoho, Gofrugal Tech, and Speciale Invest.
The Ultraviolette F77 Mach 2 is priced at Rs 2.99 lakh, while the F77 Mach 2 Recon is tagged at Rs 3.99 lakh. While the former has a 211 km and the latter 323 km IDC (Indian driving cycle) range per charge.
( Source : Deccan Chronicle )
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