Yulu, India’s foremost shared electric two-wheeler mobility company, has disclosed an equity infusion of $19.25 million (approximately Rs 160 crore) into its business. This funding has been procured through the issuance of additional shares to Yulu’s existing strategic investors, Magna and Bajaj Auto Ltd.
In the past year alone, Yulu has experienced nearly a five-fold increase in revenue. The additional capital secured will facilitate the company’s sustained growth and fortify its market leadership as it expands its fleet, operational regions, and product and technology innovations to meet the escalating demand from users.
Amit Gupta, co-founder and CEO of Yulu, emphasized that the equity infusion will accelerate the company’s growth plans. He highlighted Yulu’s notable advancement in shared EV services, which have revolutionized urban delivery dynamics by promoting green deliveries and empowering livelihoods through disruptive product features, technology-driven operations, and superior customer experiences. Gupta expressed gratitude for the increased investments from existing investors, Bajaj and Magna, underscoring their shared enthusiasm and optimism for Yulu’s growth trajectory.
Rakesh Sharma, executive director at Bajaj Auto, emphasized the strategic partnership between Bajaj and Yulu, extending beyond financial investment. He underscored the significant potential in shared and last-mile mobility and reaffirmed their collaborative efforts in leveraging expertise in consumer insights, technology, and manufacturing to build a leading business in this domain.
Matteo Del Sorbo, executive vice-president at Magna International and global lead of Magna New Mobility, highlighted the crucial role of green mobility solutions in emerging markets. He commended Yulu’s impact in promoting technology-led solutions for electric mobility and clean energy, transforming transportation patterns and livelihoods positively.
Furthermore, Yulu’s CEO affirmed plans to raise its Series C funding round shortly to bolster its leadership in the mobility-as-a-service (MaaS) segment, expand existing business lines, explore new use cases and geographies, and power growth initiatives. He expressed appreciation for the significant interest from institutional investors and anticipated raising additional capital later this year.
Since its inception, Yulu has addressed the first- and last-mile mobility needs of over 4 million users, operating 30,000 EVs across Bengaluru, Mumbai, Navi Mumbai, Delhi, and Gurugram. The company has prevented over 20 million kilograms of CO2 emissions and collaborates with leading delivery and logistics firms to offer sustainable mobility options for their delivery partners, enhancing their earnings through technologically advanced and affordable EVs.
Yulu’s urban Mobility-as-a-Service (MaaS) is supported by Yuma Energy, one of India’s largest AI-powered Battery-as-a-Service (BaaS) platforms. Yulu riders have collectively traveled more than 450 million kilometers, contributing to significant reductions in CO2 emissions.