Yulu to invest Rs 1,200 crore in Karnataka, to deploy over 1 lakh e-2Ws and battery swapping network | The Financial Express

Yulu to invest Rs 1,200 crore in Karnataka, to deploy 1 lakh EVs, set up charging network

Yulu says in addition to creating a practical and affordable shared solution for urban mobility at scale, the investments will also be deployed for product innovation, new technology and sustainable operations.

Yulu to invest Rs 1,200 crore in Karnataka, to deploy 1 lakh EVs, set up charging network
R K Misra, Co-founder, Yulu with Basavaraj Bommai, Chief Minister of Karnataka; Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs and other dignitaries at the Invest Karnataka Global Investors Meet in Bengaluru.

Yulu, a leading shared electric two-wheeler Mobility-as-a-Service (MaaS) and Battery-as-a-Service (BaaS) company has signed a Memorandum of Understanding (MoU) with the government of Karnataka.

The company aims to invest around Rs 1,200 crore to deploy a fleet of 1 lakh electric vehicle and set-up battery charging & swapping infrastructure over the next five years.

The MoU was signed by R K Misra, Co-Founder, Yulu, in the presence of Basavaraj Bommai, Chief Minister of Karnataka; Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs and other Union Cabinet Ministers, State Government officials and other prominent dignitaries at the Invest Karnataka Global Investors Meet in Bengaluru.

Yulu says in addition to creating a practical and affordable shared solution for urban mobility at scale, the investments will also be deployed for product innovation, new technology and sustainable operations. It aims to create about 7,000 direct jobs across its value chain activities. Additionally, Yulu will leverage its R&D and research expertise to design, develop & manufacture IoTs and EV charging equipment. 

R K Misra, Co-Founder, Yulu said, “This MoU is a step forward in that partnership and also cements Karnataka’s position as a preferred investment destination for electric vehicle manufacturing, R&D, and deployment hub in India.”

The EV player says its solution provided first- & last-mile mobility and it has built successful partnerships in Karnataka with Bengaluru Metro (BMRCL), and city authorities in Bengaluru (BBMP/DULT), for both parking and charging infrastructure. 

Yulu zones are present in the vicinity of key BMRCL Metro Stations and BMTC bus stops, in addition to over 1,000 locations in the city. With over 70 charging and swapping stations it has set-up a sizable presence in the Battery-as-a-Service business and continues to expand at a rapid pace.

Recently, Yulu secured $82 million (Rs 675 crore) in Series B funding led by Magna International.

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First published on: 02-11-2022 at 17:50 IST