Electric two-wheeler maker Ultraviolette is expecting a 5X growth in exports this financial year as the company ramps up overseas operations. Niraj Rajmohan, CTO & Co-founder, Ultraviolette, said exports accounted for about 10 per cent of the company’s business in FY26. “Last year, we were still at a pilot stage in terms of exports and we only went live in August. This year, we will see a lot more growth,” he said.
The company currently exports to about 19 markets predominantly in Western Europe, including Italy, France, Germany, Spain, Netherlands and the UK. It is also planning pilot launches in Latin America and South-East Asia. He did not disclose the export revenue. The prices vary in such export markets due to duties and importer/distributor margins.
EV demand
On the domestic market, he said that demand for two-wheeler EVs has been further spurred by the recent fuel price hikes.
“The aspirational segment, which is the EV equivalent of 150cc-and-above and the segment we operate in, accounts for around 2 lakh motorcycles sales per month in India. As consumers increasingly recognise the economics of electric mobility, we see a lot of opportunity in this space,” he said.
Ultraviolette’s portfolio also includes scooters, and Rajmohan said that despite stiff competition, 80 per cent of the scooter market remains untapped. On the production side, the company will expand its manufacturing capacity to about 5 lakh units by FY29, the he said. The company currently operates a pilot manufacturing facility in Bengaluru with a production capacity of 30,000 units annually.
“Our plan is to scale up capacity in stages. We are expanding the Bengaluru facility with a new line that will double our capacity to 60,000 units per year and expect it to be operational in the next few months,” he said.
Upcoming plant
Meanwhile the company has also signed a MoU with the Government of Karnataka to set up a new plant in the State which will have a capacity of 2 lakh. Total investment for both the manufacturing expansions is expected to be around ₹200 crore.
Rajmohan added that for the near-term plans, they are well funded and funding conversation for future build-out is continuing. Ultraviolette recently strengthened its investor base with TDK Ventures joining existing backers, including Qualcomm, Exor, Zoho Group, TVS Motors and others.
On the geopolitcal situation-led supply chain disruptions, Rajmohan said there has been a slight impact especially in active electronics, due to memory prices and rare earth magnets. But the company has been able to diversify its supply chain to meet demand, he added.