India, Dec. 5 -- Electric two-wheeler maker Ultraviolette Automotive's net loss surged over 8X in the fiscal year 2023-24 (FY24), as its expenses rose sharply. It posted a loss of INR 61.58 Cr during the year under review, an increase of 725% from INR 7.46 Cr in FY23.

The startup, which launched its first electric motorcycle in November 2022, saw its revenue from operations jump 74% to INR 15.08 Cr in FY24 from INR 8.67 Cr in the previous fiscal year.

It earned a majority of its revenue from the sale of its ebikes. Ultraviolette sold bikes worth INR 13.30 Cr in FY24 as against INR 2.45 Cr in FY23.

The startup also earned INR 1.28 Cr from traded goods in the fiscal, down 60% from INR 3.18 Cr it made in the previous fiscal. Along with ot...