Yulu, a startup in electric mobility, announced on Monday that it has raised $82 million (Rs 653 crore) in fundraising, with existing investors like Bajaj Auto Limited also taking part. Magna International Inc. of the US served as the round’s lead investor.
The startup will use the money to expand its battery-swapping and mobility services. In addition, Yulu claimed it will use the money to buy more than 1 lakh electric two-wheelers and install 500 or more battery charging and switching stations during the course of the following year.
Amit Gupta, RK Misra, Hemant Gupta, and Naveen Dachuri established Yulu in 2017. The business launched operations in Bangalore and Pune in January 2018, followed by Mumbai and Bhubaneswar by the year’s end. Yulu is a technology-driven mobility platform that enables Integrated Urban Mobility across public and private modes of transport.
“We see a 100 times growth opportunity for Yulu in both the battery-as-a-mobility (BaaS) and mobility-as-a-service (MaaS) businesses in the next three-four years. Our focus will be to establish a robust and agile supply chain and scale up our operations. We will go deeper in our existing markets and explore new areas” said Amit Gupta, co-founder & CEO of Yulu.
The goal of Yulu is to provide seamless, shareable, and sustainable urban mobility in India. What began as a project to lessen pollution and traffic in Indian cities is now reshaping urban transportation throughout the nation.
“This is an exciting time for Magna to contribute to a sustainable future in urban mobility through this investment in Yulu. 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,” Matteo Del Sorbo, executive vice president of Magna International and global lead of Magna New Mobility, said.
Yulu’s mission is to create sustainable cities of tomorrow by revolutionizing the way people commute. Yulu’s technology-driven mobility platform uses IoT, ML, and AI for demand-supply management and efficient operations. Currently, Yulu is present in Bengaluru, Delhi NCR, and Greater Mumbai.
Yulu is India’s largest shared micro-mobility service provider using electric two-wheelers to reduce traffic congestion and air pollution in urban India. Yulu service is actively used for the last-mile commute as well as last-mile deliveries, making a real impact on India’s goal of electrifying its mobility by 2030.
Using Micro Mobility Vehicles (MMVs) through a user-friendly mobile app, Yulu enables first and last-mile connectivity that is seamless, shared and sustainable.