Ultraviolette's Monthly Registrations vs Key Product, Network & Projection Events (Dec 2024–Nov 2025)

Ultraviolette’s VAHAN + Telangana registrations have finally yielded a number that matches the scale of the noise around the brand. From 88 units in October 2025 to 296 units in November 2025, the company has posted a 236% month-on-month surge, its first clear, data‑backed inflexion after a year of big launches, funding headlines and widening losses. For the first time, the registration curve and the company’s key milestones now start to line up instead of moving on separate tracks.

Over the last 12 months, for almost the entire year, volumes sat in a modest 80 to 170 units/month band, with the curve only breaking out in November 2025 when registrations jumped to 296 units. Across this period, the line shows gentle lifts around the March portfolio and capex announcements, the July Experience Centre burst and the September X47 launch, before a decisive spike in November as X47 deliveries, a somewhat wider network and earlier investment plans finally converge into that 296‑unit print.

X47: From 3,000 bookings to real registrations

The product turning point was the launch of the X47 crossover in late September 2025. Within 24 hours of launch, Ultraviolette announced that X47 had surpassed 3,000 bookings, leading it to extend the introductory price benefit from the first 1,000 customers to the first 5,000 units, with deliveries slated to begin in October 2025 and ramp up in phases.

In a subsequent interaction, the Ultraviolette team clarified that deliveries so far are dominated by lower X47 variants, higher‑spec trims are being sequenced later, and deliveries are ongoing and not yet exhausted, meaning a significant portion of the booking pool is still in the pipeline. The November print is therefore not just “one month’s demand” but the conversion of accumulated bookings built since the September launch, which explains why October, despite deliveries technically beginning, stayed at 88 units, while November, with ramped‑up lower‑variant deliveries, jumped to 296.

Alongside the product push, Ultraviolette has been expanding its retail footprint in bursts – first with five new Experience Centres in July 2025 across multiple cities, and then six more in Mumbai and Pune in late November, bringing the total network to roughly 35–40 outlets. These additions gave the company more points to deliver the X47 and F77 from and helped convert some of the accumulated bookings into November’s VAHAN spike, but they remain modest relative to the pan‑India spread of demand.

Tesseract: The missing piece in today’s numbers

The third product in this story, Tesseract, does not show up in current VAHAN data at all – but it is central to the future run‑rate. Tesseract, Ultraviolette’s first electric scooter, was unveiled in March 2025 with multiple battery options and a claimed range of up to around 261 km for the top variant. It generated a large pre‑booking pool, crossing 50,000 reservations across India, with a booking heatmap that lights up almost every major urban cluster in the country. The company has since pushed deliveries from an initial Q1 2026 promise to Q2 2026, as confirmed in later updates.

That means every registration in the 70 → 296 sequence is being driven by F77 + X47 + the current network, without Tesseract contributing a single unit yet. The heatmap of those 50,000 Tesseract bookings, layered on top of the 3,000-plus X47 bookings, underlines a mismatch: demand is genuinely pan‑India, but the present network of 35–40 Experience Centres can only serve a fraction of that spread quickly, implying that dealership and service expansion will have to go far beyond the current footprint to fully realise the booking potential.

The financial backdrop: losses, funding and ambition

The registration story sits atop a much harsher financial picture. For FY24, Ultraviolette reported operating revenue of roughly ₹15.1 crore and a net loss of about ₹61–62 crore, an almost 8x jump in loss compared to the previous year as it scaled R&D, manufacturing and marketing. For FY25, revenue climbed to around ₹32.3 crore, but the net loss widened further to about ₹116 crore, an increase of nearly 89% year on year as expenses rose to roughly ₹189 crore.

On the capital side, the company has secured a strong funding runway. In August 2025, Ultraviolette raised around $21 million in a round led by TDK Ventures, with participation from existing investors like TVS. In early December 2025, it closed another $45 million in Series E funding from Zoho Corporation and Lingotto, positioning it to scale production, expand its product portfolio, and grow its global presence.

Along with these, Ultraviolette’s founders have publicly articulated ambitious volume plans. In media interactions around March 2025, co‑founder Narayan Subramaniam outlined a plan to invest USD 70–100 million over the next 3–4 years, tied to a roadmap targeting around 30,000 units annually in the near term and roughly 1,00,000 vehicles a year within that 3–4 year window across multiple two‑wheeler segments. These projections, given months before the latest FY25 numbers, form the benchmark against which November’s VAHAN print – and all subsequent months – will be judged.

Is there now a visible path to those projections?

This is where November’s 296 registrations and the X47–Tesseract combination become important. If Ultraviolette can treat 296 as a new floor rather than a one‑off spike, its volume targets start to look less theoretical. X47 still has headroom: most deliveries so far are of lower variants, with higher‑spec trims (and higher price points) yet to fully ramp, and the current network, while larger than a year ago, still has utilisation headroom in key cities.

From Q2 FY26, Tesseract deliveries are slated to add an additional layer of volume on top of this base, drawing on a large pre‑booking pool that has not yet converted into registrations. In this lens, a meaningful part of the projected numbers can realistically be filled by X47 and Tesseract, provided execution in production, pricing, and network keeps pace. The constraint now is less about demand – already visible in 3,000+ X47 bookings and over 50,000 Tesseract bookings spread across the country – and more about how quickly Ultraviolette can scale its retail and service network well beyond the current 35 to 40 locations to match that pan‑India spread. The company will still have to move from a few hundred units a month to a sustained four‑figure monthly run‑rate to get near 30,000 units annually, and then multiply that again to approach the 1 lakh target.

Why November 2025 matters for the Ultraviolette story

Until now, Ultraviolette has looked like a classic “story‑first, numbers‑later” startup: a strong brand, global narrative, big funding rounds and heavy losses, but relatively flat registration data. November 2025 is the first month where:

• A major product with verifiable bookings (X47)
• A strong booking funnel across India (50,000+ Tesseract bookings plus 3,000+ X47 bookings)
• A supporting but still limited retail ramp (a few dozen Experience Centres, including the July and Maharashtra additions)
• And a credible capital and projection runway (USD 70–100M capex, 1 lakh/year goal, fresh funding)

are all reflected together in the registrations line. Whether that line now stabilises near or above the 300‑unit level – and then steps up again once Tesseract finally hits the road in Q2 FY26 and the network scales beyond today’s 35 to 40 outlets – will decide if November 2025 was just a spike, or the first real step towards the scale the company has been promising.