[Funding alert] Shared Mobility Startup Yulu Secures $19.25 mn Equity Investment

Leading provider of shared electric transportation, Yulu, has secured USD 19.25 million (about INR 160 crore) in equity. The money was raised by issuing more shares to Magna and Bajaj Auto Ltd., two of Yulu's current strategic investors.

With further funds raised, Yulu will be able to continue its current growth trajectory and consolidate its position as market leader to meet growing customer demand.

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Amit Gupta, Co-founder & CEO of Yulu,said, “Yulu has seen demand speeding up in the last couple of quarters. In particular, our shared EV services have transformed the urban delivery landscape by increasing the share of green deliveries while enabling livelihoods through disruptive product features, technology-powered operations, and a superior customer experience. We are delighted that our existing investors Bajaj and Magna, among others, share our excitement and optimism and have stepped up their investments to power this growth spurt.”

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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Rakesh Sharma, Executive Director - Bajaj Auto, said,“Bajaj and Yulu enjoy a strategic partnership and our role extends to beyond being a financial investor. We see very good potential in the space of shared and last mile mobility. Hence, together we continue to leverage our combined expertise in consumer knowledge, technology, and manufacturing to build a class-leading business in this space. We are supportive of Yulu’s plans and the current investment is an outcome of the shared vision and strategy to realise it.”

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.

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.

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