Ultraviolette’s FY25 Loss Magnifies 89% To INR 116 Cr Despite Healthy Top Line Growth

EV bike maker Ultraviolette continued to bleed heavily in the fiscal year FY25 despite registering a notable uptick in its top line. The EV maker’s loss for the fiscal year under review zoomed 89% to INR 116.3 Cr from INR 61.6 Cr loss incurred in the previous fiscal year. 

In the same time frame, the startup’s operating revenue surged 114% to INR 32.3 Cr from INR 15.1 Cr in the previous fiscal year. In this, sales of its bike portfolio, which includes F77 Mach 2, F77 SuperStreet, X47 Crossover, Shockwave, and Tesseract, brought in INR 28.9 Cr. Meanwhile, the startup also earned INR 1.6 Cr from servicing and INR 1.1 Cr from sales of accessories in the fiscal year.

Along with other income of INR 3.8 Cr, the startup’s total income for the fiscal stood at INR 36.2 Cr.

The growth in the TVS-backed EV maker’s top line failed to translate into an improvement in its bottom line due to burgeoning expenses. In the fiscal year under review, Ultraviolette total expenditure rose 76% YoY to INR 188.7 Cr.  Besides the rise in expenses, its top line was also impacted by an 70% YoY jump in current tax, which stood at INR 36.3 Cr for the fiscal year.

Where Did Ultraviolette Spend In FY25?

Cost Of Materials Consumed: In line with a hefty spike in the sales of its bikes, the startup’s production-related expenses more than doubled YoY to INR 40.6 Cr.

Research development expenditure: Although a smaller portion of its spends, Ultraviolette’s  R&D expenses almost tripled YoY to INR 7.6 Cr.

Advertising & Promotional Expenses: The startup spent INR 29.2 Cr on promotions in the fiscal, up 191% from the INR 6.32 Cr it spent last year. 

Employee Benefit Expenses: The expenditure on its workforce also zoomed 30% YoY to INR 59.3 Cr in FY25. Employee costs include salaries, gratuity, and PF, and the rise suggests continued hiring and scaling.

Ultraviolette Eyes Global Expansion

Despite being knee deep in losses, the startup, whose captable features investors like actor Dulquer Salmaan, Swiggy’s cofounder Sriharsha Majety, CureFoods cofounder Ankit Nagori, Zoho, has set its sight on global expansion.

Ultraviolette is stepping up its global ambitions as it looks to address sluggish sales at home with a broader product portfolio and a deeper international push. 

The Bengaluru-based startup recently secured a $21 Mn equity infusion led by TDK Ventures, just months after raising INR 130 Cr from Zoho and other backers. 

The fresh capital is earmarked for expanding Ultraviolette’s lineup — which now spans high-performance motorcycles, a lightweight off-roader and its first electric scooter — and rapidly widening its retail footprint. 

The company plans to scale from 20 Indian cities today to 40–50 by late 2025 and 100 by March 2026, while simultaneously ramping up distribution in Europe, where it already sells across 10 countries.

The expansion comes as Ultraviolette sharpens its pitch as a design-first, performance-focused OEM, even as its domestic numbers trail expectations. For the startup’s sales, high pricing has been a key barrier: with on-road costs often touching INR 4–5 Lakh for its flagship F77. 

Ultraviolette has struggled in a market dominated by lower-priced ICE motorcycles and mass-market electric scooters. Its turnaround strategy is now visible in newer, more affordable offerings like the INR 1.75 Lakh Shockwave and the recently launched X-47 Crossover.

Ultraviolette maintains that its long-term economics remain strong, citing the highest gross margins among Indian EV OEMs. Speaking with Inc42 earlier in September, CEO Narayan Subramaniam shared his belief that a deeper R&D, a diversified price ladder and overseas growth will be critical to hitting its target of over $50 Mn in revenue by FY26.

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