Yulu raises Rs 25.7 Cr in Series B round from Magna International

yulu, an electric-mobility startup, has raised Rs 25.7 crore in a Series B round from Canadian auto parts manufacturer Magna International.

Yulu’s board has approved issuing 1,826 Series B3 preference shares at Rs 1,41,226.34 each, according to a filing with the Registrar of Companies. This follows a Rs 160 crore investment round in February, where Magna and Bajaj Auto had also participated. 

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Magna’s latest investment comes at a key moment, as Yulu is seeing strong demand for its electric two-wheelers, driven by the rise of quick commerce and hyperlocal deliveries.

About Yulu 

Co-founded in 2017 by Amit Gupta, RK Misra, Naveen Dachuri and Anuj Tewari, the Bengaluru-based Yulu created electric scooters specifically for gig workers, introducing its DeX model with features like a goods carrier, phone holder, and a 60 km range.

The company says these features help riders cut their operating costs by up to 40%. In FY24, Yulu’s revenue jumped 2.6 times to ₹122.7 crore (from ₹46.5 crore the year before). However, its losses also grew by 50% to ₹142.8 crore due to big investments in expanding its fleet and infrastructure.

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