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.
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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.
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In a Series B funding round headed by US-based Magna International, Yulu secured $82 million in equity financing in 2022.
About Yulu
Yulu is a shared micro-mobility service provider that uses electric two-wheelers to lessen traffic congestion and air pollution in urban India.
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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.
