India, Sept. 23 -- Update | September 23, 13:10 IST

Electric two-wheeler startup Ultraviolette Automotive has raised $85 Mn (about Rs.813 Cr) in a Series E round co-led by Yali Capital and TDK Ventures. Intel CEO Lip-Bu Tan and other investors also participated in the round.

Cofounder and CEO Narayan Subramaniam told Inc42 that the startup would use the capital to expand its manufacturing capacity and product portfolio, as well as strengthen its distribution network in India and overseas.

"We are looking to enter new markets, including the US, Latin America, and Southeast Asia. The idea behind the fundraise is to cover all these different areas. To begin with, it is going into facility expansion, where Tesseract will now see a rapid ra...