Yulu announced infusion of $82 million (Rs 653 cr) in Series B funding, led by mobility technology company, Magna International Inc.
This funding is primarily for strengthening Yulu’s product and technology innovation and increase its EV fleet to more than one lakh electric two-wheelers along with 500+ battery charging and swapping stations over the next 12 months. This business expansion is expected to help Yulu become cash-flow free and kickstart the next phase of growth.
Yulu will be forming a new entity, Yulu Energy with Magna to create nation-wide battery charging and swapping infrastructure to cater to the demand from Yulu as well as vehicles made by other manufacturers. This infrastructure is expected to reduce the upfront cost of buying EVs and the company hopes that this will help accelerate the adoption of electric mobility in India.
Amit Gupta, co-founder and CEO, Yulu said, “We can clearly see a 100X growth opportunity for Yulu in both the BaaS and MaaS businesses in the next three-four years. We will go deeper and denser in our existing markets and explore new areas. We welcome Magna onboard with our shared vision to create a sustainable and scalable EV ecosystem in India and beyond.”
Matteo Del Sorbo, Executive Vice President, Magna International and Global Lead of Magna New Mobility said, “Micromobility presents a great opportunity for additional growth for Magna, and joining forces with Yulu helps us expand our business into this rapidly growing sector.”
Yulu already has a successful strategic partnership with two-wheeler major, Bajaj Auto and has been collaborating with the company on product design, technology platforms, engineering processes and manufacturing. Yulu’s next generation of electric two-wheelers will roll out of Bajaj’s Pune facility by this year-end.
According to the company, millions of green deliveries have been made using Yulu’s Evs. The company has built successful partnerships with Bangalore Metro (BMRCL), Delhi Metro (DMRC) and city authorities in Bengaluru (BBMP/DULT), Mumbai (BMC/MMRDA) and New Delhi (NDMC) for both parking and charging infrastructure.
Yulu provides urban Mobility-as-a-Service (MaaS) in Bengaluru, Mumbai, and Delhi-NCR, and has created, what the company claims as, India’s largest AI-powered Battery-as-a-Service (BaaS) platform, to provide virtually infinite range to its users. This network has completed 3.5 million+ battery swaps till date.