Ultraviolette Automotive raises undisclosed amount in funding

TVS Motor-backed electric bike maker Ultraviolette Automotive on Thursday said it has raised an undisclosed amount in funding led by Exor Capital.The company said the latest capital infusion, which comes ahead of the launch of its high-speed e-bike F77 in the country, is a part of the ongoing Series-D round of funding with Ferrari-backer Exor Capital as the lead investor.

TVS Motor-backed electric bike maker Ultraviolette Automotive on Thursday said it has raised an undisclosed amount in funding led by Exor Capital.

The company said the latest capital infusion, which comes ahead of the launch of its high-speed e-bike F77 in the country, is a part of the ongoing Series-D round of funding with Ferrari-backer Exor Capital as the lead investor. The investment from Exor will be utilised in expanding the company's footprint pan-India, ramping up sales of the electric bike in the domestic market and its subsequent expansion in the international markets, it said. Ultraviolette unveiled an electric bike in November last year. Companies like Zoho Corporation, GoFrugal Technologies and Speciale Invest have also invested in the Bengaluru-based firm. ''With this investment, we now have a diversified group of prominent Indian and international institutional investors backing us in our journey and vision of shaping a new era of mobility not just in India but in global markets as well,'' said Narayan Subramaniam, co-founder and CEO, Ultraviolette. **** *Healthassure raises Rs 50 cr from Rajiv Dadlani Group, others Healthassure on Thursday announced a Rs 50 crore fundraise from the Rajiv Dadlani Group and other investors.

The company, which pitches as a primary health care and OPD (outpatient department) insurance services aggregator, will deploy the funds for product enhancement, distribution and investment in primary healthcare technology, as per a statement.

The company said insurance in India does not cover day-to-day health, and pegged the immediately addressable market at USD 3 billion.

Its founder and chief executive Varun Gera said this has been the largest fundraise for the company, which has mopped up Rs 22 crore so far, and the same comes amid difficult market conditions, which is termed as the funding winter by many.

Rajiv Dadlani said his family office has tracked the company's journey for some time and feels it is well poised to be a leading health-tech brand. Blume Ventures, Leo Capital, a US-based impact fund, other family offices and high-networth individuals also participated in the funding round, the 2011-incorporated company said.