MUMBAI: TVS Motor Company invested a sum of Rs 30 crore in electric vehicle maker Ultraviolette Automotive for an undisclosed stake as part of the latter’s series B round of fundraising, the company announced on Wednesday.

TVS Motor had earlier invested Rs 11 crore in the Bangalore-based company for an equity stake of 25.76% as per its latest annual report.

“TVS Motor is excited to see the progress and developments made by the UV team and we are confident that these actions will go a long way towards establishing a greener future for India,” said Manu Saxena, vice president, future mobility and dealer transformation, TVS Motor Company.

Ultraviolette (UV) had earlier showcased a high-performance electric motorcycle called F77. It plans to launch the motorcycle next year with expanding national availability planned in phases, according to a press statement. The company was established in 2016 by Narayan Subramaniam and Niraj Rajmohan.