Indian EV startup Ultraviolette open to licensing battery tech to add revenue stream

By Akash Sriram

BENGALURU (Reuters) -Electric two-wheeler startup Ultraviolette Automotive said on Tuesday it is open to licensing its battery technology, as the Qualcomm and TVS Motor‑backed company seeks to build a new, higher‑margin revenue stream.

EV startups face heavy cash burn from factory build-outs and the high cost of batteries and components.

Licensing could provide capital to expand manufacturing and the product portfolio, giving companies more financial flexibility, industry experts say.

“A little down the line, we should probably look at other revenue streams from offshoots from the technology side,” CEO Narayan Subramaniam told Reuters.

“We have gotten interest from EV manufacturers, companies that make space tech equipment to even performance hydroplanes. But for us currently, with the bandwidth that we have, our laser-sharp focus is on building our presence and product portfolio.”

Pursuing new business lines can divert focus and resources from scaling core EV sales and manufacturing, a critical phase for startups still establishing market share, industry experts say.

In the United States, Rivian and Lucid have also sought to boost revenue by licensing or supplying their EV technology, underscoring how capital‑intensive startups are looking beyond vehicle sales for profitability.

The Bengaluru, India‑based company on Tuesday launched the X47 electric motorcycle, aiming to attract a broader swath of consumers and expand in India and Europe.

Ultraviolette positions its bikes at the premium end against domestic rivals such as Ather Energy and Ola Electric , targeting buyers willing to pay more for performance-oriented models and advanced features.

By contrast, Ather CEO Tarun Mehta told Reuters last month the company is not looking to license its technology.

Ultraviolette raised $21 million last month in a round led by Japan’s TDK Ventures, with participation from Zoho Corporation and Lingotto.

(Reporting by Akash Sriram in Bengaluru; Editing by Tasim Zahid)