CHENNAI: As concerns over oil supplies and fuel prices revive interest in electric mobility, EV manufacturer Ultraviolette is looking to deepen its footprint in Tamil Nadu, expand production capacity and ready itself for an IPO within the next 18-24 months.
The Bengaluru-based company, backed by investors including TDK Ventures, Qualcomm, Zoho and TVS Motors, is evaluating a manufacturing presence in TN as part of a broader growth strategy.
“We are in active conversations and it will take a couple of months” to firm up plans for TN, co-founder and CTO Niraj Rajmohan said on Friday while launching Ultraviolette’s second experience centre in Chennai.
The company has earmarked Rs 200 crore in capital expenditure over the next two years. While it has already signed an MoU in Karnataka to expand manufacturing, Chennai’s status as one of India’s largest automotive hubs has brought the state onto Ultraviolette’s radar for future investments.
At the same time, the company is stepping on the accelerator in Karnataka. “We are adding the second line to reach 60,000 capacity in the next couple of months,” Rajmohan said. The move will double capacity at its existing plant from 30,000 vehicles. A new facility under consideration could eventually take overall capacity to 2.5 lakh units.
Retail expansion is also underway. From a network of 42 stores, Ultraviolette plans to add at least three more outlets in the coming months as it widens its reach across key markets.
Rajmohan said recent geopolitical tensions in West Asia have unexpectedly become a tailwind for the EV industry. With concerns over oil supplies and fuel costs resurfacing, consumers are taking a fresh look at electric vehicles.
“Dealers are usually prepared for festive demand in October, but the current situation has accelerated EV adoption. The transition is imminent,” he said, noting that EVs cost roughly one-tenth as much to run as conventional fuel-powered vehicles.
Founded in 2016, Ultraviolette spent nearly eight years developing its technology before commercialising its first product in 2024. “It was not an easy journey,” Rajmohan said, referring to the investments required to build deep-tech capabilities.
EV maker plans Rs 200-crore investment, capacity expansion and a possible manufacturing base in Chennai as rising fuel costs boost electric mobility
Rather than following the industry's “herd mentality”, the company delayed its entry into the electric scooter segment. Armed with data from more than 5,000 customers, it recently launched scooters starting at Rs 1.45 lakh. “EV scooters have seen 20 per cent adoption” nationally, he noted.
Exports are increasingly becoming a growth engine. Ultraviolette has secured certifications in 40 countries and is already present in 19 markets. “We did 10 per cent exports last year, which was a 5x growth in the global market,” Rajmohan said. After gaining traction in Western Europe, the Rs 130 crore company is preparing pilot launches in Latin America and Southeast Asia.
With revenues expected to grow five-fold this year and monthly sales targeted at 20,000 vehicles by FY28, Ultraviolette believes it is entering its next phase of growth. An IPO, Rajmohan said, is firmly on the horizon within the next 18-24 months.