Mumbai, Sept. 11 -- 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.

All three people spoke on the condition of anonymity as the discussions are still confidential.

"The investments are part of a currently ...