Electric two-wheeler manufacturer Ultraviolette plans to invest up to USD 100 million (around Rs 870 crore) over the next three to four years to expand its product portfolio, manufacturing capacity, and sales network.

The company aims to launch ten new products, including scooters and long-range cruiser bikes, within three years, targeting annual sales of one lakh units during this period. Additionally, it plans to expand its market presence in India, Europe, and South East Asia.

The company has already invested in R&D to develop critical building blocks like charging systems, battery systems, motor control, vehicle control electronics, smart connected systems, and advanced sensing systems. "We are in discussions from a larger investment point of view in the order of the $70-100 million that is meant to scale across product portfolio expansion, geographic expansion and growth," CTO & Co-founder Rajmohan said.

Currently operating in 13 Indian cities, Ultraviolette plans to expand to 30 cities by the end of the year and target a network presence in about 100 cities within four years. It will strategically start fast expansion towards the second half of the year.