Electric mobility as a service is catching on in India with the presence of several electric vehicle rentals, taxis and also a scan-and-go concept as Yulu. The EV service provider is present across the country in various metro cities and offers the convenience of last-mile connectivity while promising an emissions-free commute on the Miracle electric two-wheeler. Yulu is now in the midst of expansion, geographically and also, a new EV built by Bajaj Auto that is set to join its fleet. The company will also increase its current fleet of 10,000 to 50,000 units by the end of this year. We got in a conversation with Amit Gupta, CEO and Co-founder, Yulu, to learn more about the company’s expansion plans.
Amit Gupta tells us that Yulu gained substantial popularity during the pandemic as it offers a safe and personal commute. From February 2020 to February 2021, the company registered a 2.5X increase in its revenue as it also expanded its fleet size by 2.5X.
Before the pandemic broke out, Yulu registered that 80 percent of its users were white-collar workers that used the service for first- and last-mile connectivity, while 20 percent were used for leisure.
Now, Yulu has a lot of its business flowing in from delivery services. A Zomato or Swiggy delivery partner who does not own a two-wheeler can use Yulu bikes to make their rounds. As college institutions also begin to reopen, students who used public transport earlier find Yulu bikes a much safer way to commute, says Amit.
Yulu electric two-wheelers have so far been designed by Yulu, built in China and assembled in India by Bajaj Auto which is now developing and will also manufacture the new Yulu Miracle electric two-wheeler. These low-cost electric scooters will be built exclusively for Yulu.
The company plans to roll them out in its fleet by the end of 2021 or early 2022 and aims for adding 5,000-7,000 vehicles per month eventually. The new EV will boast a riding range of about 60 km.
Besides the EV mobility service, Yulu also offers the Miracle two-wheeler on a subscription-based model. The customer can choose to rent a Yulu bike for some months and they are provided with a charger and the authority to access the battery pack to charge or have it charged at their doorstep by a Yulu service person, or exchange the bike with a charged unit at a Yulu station.
Amit Gupta goes on to tell us that Yulu is looking to have a portfolio of five-six products that would serve varying purposes. For example, EVs last-mile connectivity in the city, e-scooters for college campus usage, etc. Yulu has also begun work on a new two-wheeler for last-mile delivery purposes in the cargo segment.
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