Mumbai, Sept. 12 -- Ultraviolette Automotive is in the process of stitching together over Rs.500 crore from new and existing investors such as Yali Capital, Speciale Invest and TDK Ventures, three people familiar with the matter said. "This is part of the company's ongoing round to raise capital towards its expansion plans," one of the people cited above said. "About half of the capital will come from existing investors-Speciale and TDK Ventures although the exact deal size may change as the discussions with new investors and other details around valuation are still underway," a second person said. Founded in 2016 by Narayan Subramaniam and Niraj Rajmohan, Bengaluru-based Ultraviolette is an Indian electric vehicle startup that designs and manufactures high-performance electric motorcycles and energy infrastructure. Some of its other investors include Qualcomm Ventures and TVS Motors. Earlier this week, Ultraviolette made plans to invest about Rs.1,000 crore to expand its manufacturing footprint in Karnataka and Tamil Nadu, as demand for motorcycles and scooters continues to rise. It competes with electric motorcycle and scooter brands such as Ola Electric, Ather Energy, Tork Motors, Revolt Motors and Raptee Motors, as well as performance petrol motorcycles in the 300cc-500cc segment, online reports indicated. In fiscal year 2025 (FY25), Ultraviolette's operating revenue jumped to Rs.32.3 crore from Rs.15 crore a year earlier. Its losses widened to Rs.116 crore from a loss of Rs.61.6 crore in FY24, according to documents sourced by Tofler from the ministry of corporate affairs. It has not filed its FY26 audited results....