Yulu, an electric mobility firm, got a debt of INR 25 crore from Northern Arc Capital, a non-banking financial company.
According to a document obtained from the Registrar of Companies, Yulu Bikes’ board has approved a special resolution to issue 250 non-convertible debentures at an issue price of INR 1,00,000 apiece to raise INR 25 crore, as reported by Entrackr.
Yulu’s technology-driven mobility platform integrates IoT, ML, and AI for demand-supply management and efficient operations. At the moment, Yulu is available in Greater Mumbai, Bengaluru, and Delhi NCR.
Yulu provides seamless, shared, and sustainable first- and last-mile connectivity by utilising Micro Mobility Vehicles (MMVs) via an intuitive mobile app.
In a Series B funding round headed by US-based Magna International, Yulu secured $82 million in equity financing in 2022.
Yulu is a shared micro-mobility service provider that uses electric two-wheelers to lessen traffic congestion and air pollution in urban India.
It was founded in 2017 by Amit Gupta, Naveen Dhachuri, RK Misra, and Hemant Gupta. With its active use for last-mile deliveries and commutes, Yulu’s service is significantly contributing to India’s objective of electrifying its transportation by 2030.