In a country where people in metro cities are always struggling to beat the traffic, the government is coming up with schemes to reduce pollution. Keeping the same in mind, Yulu has introduced revolutionary vehicles that are efficient, affordable, and safe for the environment. The man behind this idea, is Amit Gupta, founder of Yulu, who started the brand in 2017.
Amit Gupta, completed his Bachelor’s from IIT Kanpur and enrolled himself in an exclusive program at Harvard Business School. He started his career as an Assistant Manager for Aditi Technologies and after working for almost 2 years, he joined Citi Financial. In May 2006, he founded Analyticsworks with a mission to help companies increase their performance through the power of business intelligence. In the same year, he co-founded and was the Business Development Head for InMobi. Amit had significant lead roles during his time at InMobi. He was responsible for overall revenue and holistic growth for the company. As the Chief Revenue officer, he was responsible for increasing its reach in many markets globally including China, US, and Western Europe. He also served as the President for business in North America.
After exiting from InMobi in 2017, he came up with his brainchild Yulu with the aim to reduce traffic congestion by providing a scalable, affordable, efficient, and clean solution for a commute. The Bangalore-based brand aimed to improve the experience of short commute mode by making it more efficient, and battery-operated thereby making it environment-friendly, and ensuring sustainability.
Amit’s idea behind Yulu was to use IoT technology to create a vast network of shared eco-friendly 2-wheelers that can be rented easily through an app in pay per use business model.
According to Business Line, in 2022, the company raised $82 million in a Series B funding round and in In FY22, the annual business revenue (ARR) was around $6 million (around ₹50 crore).
A Business Outreach report of 2022, Yulu received funding of about $ 7 million from Blume Ventures, Wavemaker Partners, Binny Bansal, 3one4 Capital, and Naveen Tiwari, about $ 8 million from Bajaj Auto, $ 3.9 million from Rocketship and about $ 7 million from Magna International.
Yulu at present has the Miracle CT and Miracle NV for shared people mobility and the Yulu DeX for shared goods mobility and has an overall 13,000 to 14,000 vehicles approximately across three metro cities. As per Reuters report, Yulu, is currently operating only in Bengaluru, Delhi, and Mumbai, will expand into Hyderabad, Pune, Chennai, Kolkata, and Ahmedabad over the next 15 months.
