A look at the ownership structure of India’s electric motorcycle startup, from its founders to its strategic investors
Ultraviolette Automotive, the Bengaluru-based maker of the F77 electric motorcycle, has attracted some of India’s best-known industry names. Ownership has also shifted a lot over the years as new rounds came in.
Who Owns Ultraviolette? TVS and Zoho Lead a Cap Table Packed With Big Backers
The two big names
The post you shared says that Zoho and TVS together hold 27.75% of the company. I couldn’t find a source for that exact combined figure, so it is best treated as unverified until checked against the latest regulatory filings. What the available records do show is that TVS Motor is the largest outside shareholder. As of 27 February 2026, TVS Motor held 25.5%, the largest stake in the company. That would leave Zoho with a stake in the low single digits if the 27.75% figure is right, though the filings I found don’t confirm Zoho’s exact number.
How stakes have changed
Ownership has moved a lot over time:
- 2021: After the Series C round, TVS Motor held 33.95% and Zoho held 2.46%, with GoFrugal owning 13.93%. Co-founders Subramaniam Narayan and Niraj Rajmohan held 18.96% and 16.20%.
- March 2024: Founders Narayan and Rajmohan held 26.31% and 22.48%, while TVS Motor held 25.76%.
- February 2026: Founders collectively held 26.4%, and the top three shareholders were TVS Motor, Subramaniam Narayan and Niraj Rajmohan, among 50 shareholders in total.
The trend is clear. As new money has come in, the founders’ stakes have been diluted, and TVS has stayed the largest outside investor.
Who else is on the cap table
The list of backers goes well beyond TVS and Zoho. Ultraviolette is backed by investors including Lingotto, TDK Ventures, Qualcomm Ventures, Zoho Corporation, TVS Motors and Speciale Invest. Other names have appeared over the years:
- Actor Dulquer Salmaan has also invested in the startup.
- GoFrugal, led by Kumar Vembu, was an early investor. Entrackr notes that Kumar Vembu is the brother of Zoho founder Sridhar Vembu.
- Mudhal Partners and Ojas Consultation joined a ₹130 crore round in late 2024, which was led by Zoho with ₹90 crore.
- Zoho and Lingotto later invested $45 million in the Series E round.
The business behind the cap table
Ultraviolette has raised about $100 million in total, with TVS Motor and Mudhal Partners as lead investors. In FY25, it reported ₹32 crore in revenue and a ₹116 crore loss. That gap between revenue and losses is typical of an early-stage hardware company, and it explains why the startup keeps going back to investors for fresh funding.
Why it matters
A strategic investor like TVS gives Ultraviolette access to manufacturing and distribution know-how, while backers like Zoho and Lingotto provide patient capital. For founders, though, each round means a smaller slice of the company. How the ownership splits next will depend on the next funding round and any new regulatory filings.
What to watch next
- The latest filings to confirm each investor’s exact percentage, especially Zoho’s.
- Whether TVS raises its stake further.
- How the next round affects the founders’ holdings.
Note: Shareholding data changes with every round and filing, and different trackers report different dates. Please verify the latest figures on Inc42, Entrackr or the MCA filings before publishing, and replace the 27.75% claim only after confirming it.
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