Ultraviolette To Go Public In The Next 2-3 Years, Plans To Raise ₹4,343 Crore

Ultraviolette Automotive has confirmed to us that it is “considering an IPO in the next 2-3 years.” The brand is aiming to raise about $500 million (₹4,343 crore) public money which will further aid its expansion plans in the future. This makes Ultraviolette Automotive the third EV marque to express its interest in going public, after Greaves and Simple Energy, after Ola Electric and Ather Energy started this whole trend.  

As for Ultraviolette Automotive, its CEO, Narayan Subramaniam, had stated earlier that it will go public once it has expanded its portfolio further with models from different segments. These include its two new products, the Shockwave and Tesseract, both of which were launched earlier this year. 

The Shockwave was launched at ₹1.50 lakh (ex-showroom, India), however, this price will be applicable for the first 1,000 buyers, post which it will cost you ₹1.75 lakh (ex-showroom, India). The Tesseract was launched alongside at an introductory price of ₹1.20 lakh (ex-showroom, India), reserved for the first 10,000 customers, post which it will set you back by ₹1.45 lakh (ex-showroom, India). Deliveries for both are slated to start later this year.  

Besides new products, Ultraviolette is also actively working on scaling up its production and opening more dealerships in the country. Additionally, it also plans to enhance its international presence, like it did in the UK earlier this year with the F77 Mach 2. Along with that, it is also contemplating entering the Latin American market, and other parts of Asia as other key markets to enter.