• Revenue rises to Rs 32.3 crore, but losses widen to Rs 116 crore in FY25
• Costs surge due to higher material, advertising, and employee expenses
• EV maker sold 547 bikes in FY25 as it pushes to scale premium offerings

Ultraviolette Automotive, the EV startup backed by Zoho, reported strong top-line growth in FY25 but continued to face heavy losses as costs climbed sharply. The Bengaluru-based electric mobility company doubled its operating revenue to Rs 32.3 crore in FY25, up from Rs 15 crore the previous year, according to filings with the Registrar of Companies.

Founded in 2015 by Narayan Subramaniam and Niraj Rajmohan, Ultraviolette builds performance-focused electric two-wheelers. Sales of its premium bikes remained the company’s primary revenue stream, with Vahan data showing 547 units sold during FY25.

However, rising expenses weighed heavily on the firm’s financials. Employee benefits became its largest cost center, climbing 28% to Rs 59 crore and accounting for nearly a third of total spending. Material costs more than doubled to Rs 33 crore due to pricier parts and batteries, while advertising expenses surged almost fivefold to Rs 29 crore as the company pushed brand visibility. Research and development and IT expenses added another Rs 14.6 crore. Total expenses rose 77% to Rs 189 crore.

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As a result, the company’s net loss widened to Rs 116 crore, up 88% from Rs 61.6 crore in FY24. Ultraviolette’s ROCE and EBITDA margins stayed deep in the red, reflecting the challenges of scaling a premium EV brand in a cost-sensitive market. Still, the firm improved its unit economics, spending Rs 5.85 to earn a rupee, better than Rs 7.13 the year before.

The startup ended FY25 with Rs 46 crore in cash and total current assets of Rs 170 crore. Backed by investors including TVS Motor Company and Mudhal Partners, Ultraviolette has raised $100 million to date, with its founders holding a combined 29% stake.