Shared electric mobility start-up brand Yulu has raised fresh investments from existing investors Bajaj Auto and Magna International Inc., the company announced. The investors have made a fresh investment of $19.25 million (around Rs 160 crore) into the start-up through the sale of shares. Yulu said that the fresh funding comes as the company witnessed a five-fold rise in revenue over the last year.
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According to the report, the company will use the funding to bring three million electric bikes on the road. The start-up presently has 30,000 EVs across major metros, including Mumbai, Navi Mumbai, Delhi, and Gurugram. The company says it has a user base of over four million, which led to savings of over 20 million kg in CO2 emissions.
Speaking on the announcement, Amit Gupta, Co-founder & CEO - Yulu, said, “Yulu has seen demand speeding up in the last couple of quarters. In particular, our shared EV services have transformed the urban delivery landscape by increasing the share of green deliveries while enabling livelihoods through disruptive product features, technology-powered operations, and a superior customer experience. We are delighted that our existing investors Bajaj and Magna, among others, share our excitement and optimism and have stepped up their investments to power this growth spurt.”
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The fresh investment will help Yulu strengthen its market leadership as well as expand operations to more cities going forward. The company will also use the funding to innovate new products and technologies, it said in a statement.
Having a strong presence in the shared EV ecosystem, Yulu is working to raise a Series C round of funding that will further strengthen its position in the Mobility-as-a-Service (MaaS) business. The Yulu e-bikes share their underpinnings with Yuma Energy, which is a provider of swappable batteries and operates in the Battery-as-a-Service (BaaS) business. Bajaj Auto builds the Yulu e-bikes at its manufacturing facility in Chakan, Maharashtra.
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The Yulu e-bikes are designed for small commutes but are largely utilised by last-mile delivery operators. Keeping the latter in check, the company also has partnered with players like Zomato and Zepto for the same. The e-bikes are also popular in business and tourist districts for folks looking for a low-cost last-mile travelling option for short distances.
