chennai electric two wheeler start up ultraviolette automotive is looking to close its next series of fundraising worth 70100 million in the first quarter of the new financial year according to founders narayan subramaniam and niraj rajmohan talks are on and the fresh funds will be used to scale up the companys capacity beyond the 100000 unit manufacturing and assembling facility it is currently setting up in electronics city bengaluru we have invested a total of around 30 million around rs 210 crore in the plant and we will begin with around 1200015000 units in the first year ramping up to hit 100000 units in the second year said subramaniam the next stage of going beyond that capacity will be funded by future rounds of financingtvs motor has been one of the early investors in ultraviolette it first picked up nearly 15 stake for rs five crore in december 2017 followed by another rs six crore in 2018 and rs 30 crore in september 2020 last december it led the series c funding of 15 million in which it was joined by zoho corporation in total tvs holds over 30 of ultraviolette and has invested over rs 100 crore so far our relationship with tvs started as a financial arrangement and has deepened into a synergistic one said subramaniamconsidering that we have battery and vehicle technology which is superior to whats available in the market now there is interest for synergies he addedultraviolette is already looking at licensing arrangements with global players as phase 2 of its ramp up said rajmohan the company which is in the final stages of commercially launching its highend electric motorcycle f77 already has 60000 pre orders and the pilot batch will roll out end march