Ultraviolette Raises $85 Million; Bira 91 Revival Plan Takes Shape

Ultraviolette Raises $85 Million in Fresh Funding

Electric motorcycle startup Ultraviolette has raised $85 million in a new funding round led by Yali Capital and TDK Ventures, with existing investors also participating.

The round also brings Intel CEO Lip-Bu Tan on board as an investor and advisor. Tan participated in his personal capacity through his investment firm, Walden International.

The fresh capital comes as Ultraviolette prepares to expand manufacturing capacity, launch new electric vehicle models and increase its international presence.

Ultraviolette Plans Major Production Expansion

The company plans to use the new funding to scale production at its Hosur, Tamil Nadu facility.

According to the company, annual production capacity at the facility is planned to increase from around 50,000 vehicles to 250,000 vehicles. The expanded facility will support production of its existing F77 and X47 motorcycles, along with upcoming models including the Tesseract and Shockwave. The two new models are expected to become commercially available in early 2027.

Ultraviolette currently has around 50 retail outlets in India and plans to increase this number to approximately 100 by the first quarter of 2027.

Global Expansion Plans

Ultraviolette is also looking beyond the Indian market.

The electric motorcycle maker currently operates across 20 European countries and plans to expand into the United States and Latin America. The company has been developing its product portfolio with a focus on premium electric motorcycles and new vehicle platforms.

The latest funding is therefore expected to support both manufacturing expansion and international growth.

Bira 91 Maker Faces Financial Challenges

Meanwhile, B9 Beverages, the company behind craft beer brand Bira 91, is working on a plan to restart operations and recapitalise the business.

The company's newly reconstituted board, led by Anicut Capital, has offered to acquire the stakes held by major investors Kirin Holdings, Peak XV Partners and Sofina.

Together, the three investors hold approximately 41.1% of B9 Beverages.

Anicut Capital Takes Control

Bira 91 founder Ankur Jain and his family previously held a 17.8% stake in the company. That stake was taken over by Anicut Capital in July following Jain's exit from the company.

Jain and his family gave up their board positions on July 22 as part of a settlement under which they were relieved of personal liabilities toward the company. Their shares had been held as security against loans provided by Anicut Capital.

The new investors involved in the revival effort want existing shareholders who do not wish to participate in the turnaround to exit before new capital is brought into the company.

Bira 91 Has ₹1,000-1,500 Crore in Liabilities

B9 Beverages is facing significant financial obligations. According to people cited by Economic Times, the company has liabilities of approximately ₹1,000-1,500 crore, while its operations have reportedly been at a standstill for about a year.

The brand's value has been estimated at around ₹300 crore, which is currently being used as an important reference point in discussions around the company's revival and valuation.

Settlement proposals have also been made to certain financial creditors, including Trifecta Capital, IDFC First Bank and Kirin Holdings.

Vendors Also Asked to Settle Dues

The revival plan also involves Bira 91's suppliers and vendors.

Around 60 large vendors have reportedly been approached to settle outstanding dues and continue servicing the company once operations restart.

The company therefore needs cooperation from multiple stakeholders, including investors, lenders, creditors, vendors and other parties, before a full operational restart can take place.

What Happens Next for Bira 91?

The proposed investor exits and settlement discussions are part of a broader effort to recapitalise B9 Beverages.

The company will need to resolve outstanding liabilities and reach agreements with existing stakeholders before fresh investment can be brought in. Any transaction involving investor stakes will also depend on valuation and other terms.

Earlier reports had indicated that restarting Bira 91 could require a substantial fresh capital infusion. In July, people familiar with the matter told Economic Times that approximately ₹500 crore could be required to restart operations and revive the brand.

Key Takeaways

• Ultraviolette has raised $85 million in fresh funding.

• Yali Capital and TDK Ventures led the funding round, with existing investors participating.

• Intel CEO Lip-Bu Tan has joined Ultraviolette as an investor and advisor in his personal capacity.

• Ultraviolette plans to increase Hosur production capacity from 50,000 to 250,000 vehicles annually.

• The company plans to expand its retail network and enter additional international markets.

• Bira 91 maker B9 Beverages is pursuing a revival and recapitalisation plan.

• Anicut Capital-led management has offered to buy stakes held by Kirin Holdings, Peak XV Partners and Sofina.

• The three investors collectively hold about 41.1% of B9 Beverages.

• B9 Beverages has liabilities estimated at ₹1,000-1,500 crore, according to people cited by Economic Times.

• Around 60 large vendors have reportedly been approached regarding settlement of dues and continued business with the company.