Electric vehicle (EV) and infrastructure company Ultraviolette has raised $85 million in a funding round led by Lip-Bu Tan, chairman of Walden International, Yali Capital, and TDK Ventures.

Tan will also join Ultraviolette as an advisor.

Ultraviolette said the funding will support its plans to step up the production of its F77 and X-47 Crossover electric two-wheelers. It will also use the capital to bring its Tesseract and Shockwave models to market and develop its next-generation EV platforms.

Ultraviolette currently sells its vehicles in India and 20 countries across Europe. The company plans to enter the U.S. market in 2027 and expand its presence across Latin America and Southeast Asia.

EV sales in India reached 837,453 units in the second quarter (Q2) of 2026, up 52.3% from 549,900 units in the corresponding quarter of 2025. India is promoting electric two-wheelers through registration mandates and incentives, although it has recently reduced central subsidies. Electric two-wheelers accounted for nearly 63% (524,910 units) of the total EV sales in Q2 2026.

India is also promoting electric two-wheelers through incentives and registration mandates, although the country has recently seen a reduction in central subsidies.

In April, the Ministry of Heavy Industries amended certain provisions of the PM Electric Drive Revolution in Innovative Vehicle Enhancement program, reducing incentives for electric two-wheelers and three-wheelers.

For electric two-wheelers, the program supports up to 2.48 million vehicles, with incentives of ₹5,000 (~$53.26)/kWh, capped at ₹10,000 (~$106.51) per vehicle for the financial year 2025, which has been reduced to ₹2,500 (~$26.63)/kWh, capped at ₹5,000 (~$53.26) per vehicle from April 2025 to July 2026.

In July, the Delhi government notified the Electric Vehicles Policy, 2026, which introduced phased purchase incentives, scrapping benefits, exemptions from road tax and registration fees, and mandatory electrification timelines for key vehicle segments. Beginning April 1, 2028, only electric two-wheelers will be eligible for new registration in the national capital.