Ultraviolette Automotive Pvt. Ltd., on Tuesday announced investments from Ferrari’s anf football club Juventus’s largest shareholder and Qualcomm Ventures to expand the Series D round. These investments, though undisclosed are believed to be around $25 million, said people in the know.
The funds from Lingrotto and from Qualcomm will be deployed towards ramping up the company’s presence in India, subsequent expansion in international markets as well as strengthening the brand’s technological capabilities and prowess.
Lingotto (formerly Exor Capital) is a fully owned subsidiary of EXOR N.V which has the largest or controlling stakes in companies including sports car maker Ferrari, auto giants Stellantis formed in 2021 on the basis of a 50–50 cross-border merger between the Italian-American conglomerate Fiat Chrysler Automobiles and the French PSA Group, CNH Industrial, Iveco Group, The Economist Group, Via and the soccer team Juventus.
Read more: https://economictimes.indiatimes.com/industry/renewables/ferrari-backer-qualcomm-invests-24-mn-in-ev-bike-maker-ultraviolette/articleshow/95695767.cms
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