Yulu, one of India’s largest shared electric two-wheeler mobility company has announced successful equity infusion of $19.25 million (around Rs 160 crore) in its business. The funds have been raised via further issuance of shares to Yulu’s existing strategic investors Magna and Bajaj Auto.
Over the last year, Yulu says it has seen a nearly 5X leap in revenue and the fresh capital will enable it to maintain its growth streak and will strengthen market leadership as it expands in terms of vehicles, operational locations, and product and technology innovation to keep up with the rise in demand from users.
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.”
Rakesh Sharma, Executive Director, Bajaj Auto said, “Bajaj and Yulu enjoy a strategic partnership and our role extends to beyond being a financial investor. We see very good potential in the space of shared and last-mile mobility. Hence, together we continue to leverage our combined expertise in consumer knowledge, technology, and manufacturing to build a class-leading business in this space. We are supportive of Yulu’s plans and the current investment is an outcome of the shared vision and strategy to realise it.”
Matteo Del Sorbo, Executive VP, Magna International and Global Lead of Magna New Mobility said, “In addition to being better for the planet, technology-led solutions for electric mobility and clean energy transform the way people move, work, and earn their livelihoods. In a short time, Yulu and Yuma have created a strong impact on both people and the planet and we believe that the future will see them transforming millions more lives for the better.”
Furthermore, Gupta said that Yulu is on track to raise its Series C round of funding soon. “Yulu will continue to strengthen its leadership in the mobility-as-a-service (MaaS) segment by deepening existing business lines and opening up new use cases and geographies. Hence, we will look to raise additional funds to power our growth. We are gratified to see a lot of inbound interest from institutional investors and will raise additional capital later this year.”
Since its inception, Yulu has provided the first- and last-mile mobility needs of over 4 million users. It currently runs 30,000 electric scooters across Bengaluru, Mumbai, Navi Mumbai, Delhi and Gurugram, which has resulted in slashing over 20 million kilogrammes of CO2 emissions. Yulu also works with leading delivery and logistics companies to unlock sustainable mobility options for their delivery partners, while simultaneously enhancing the latter’s earnings through its technologically advanced and affordable EVs that guarantee high availability and uptime for end-users. The EVs have enabled over 450 million kilometres of green rides and 80 million green deliveries to date.
