Yulu Secures $19.25 Million in Funding from Existing Investors Magna and Bajaj Auto

Yulu, one of India’s largest shared electric two-wheeler mobility companies, has successfully secured $19.25 million in funding from its existing strategic investors, Magna and Bajaj Auto. This equity infusion is a significant milestone for Yulu as it seeks to maintain its growth streak and strengthen its market leadership.

In Short:

• Yulu, a shared electric two-wheeler mobility company, has raised $19.25 million from existing investors Magna and Bajaj Auto.
• The funds will be used for expansion, new product launches, and technological advancements.
• Yulu plans to raise its Series C funding this year to strengthen the mobility-as-a-service segment.

What is Yulu Bike?

Yulu is an Indian technology-driven electric micromobility platform headquartered in Bengaluru. It provides shared low-speed two-wheeler electric vehicle (EV) services in several Indian cities including Bengaluru, Mumbai, Navi Mumbai, Delhi, and Gurugram. Yulu operates 25,000 dockless shared EVs and has four million users. Its EVs are used for 280,000 last-mile deliveries and 10,000 commutes each day. Yulu also operates a battery-as-a-service (BaaS) business, Yuma Energy, which supports Yulu riders with battery swaps through its network of stations.

Founders of the Electric bike-sharing platform Yulu Bikes

Yulu was founded by Amit Gupta, RK Misra, Hemant Gupta, and Naveen Dachuri. Amit Gupta, a Harvard alumnus and co-founder of InMobi, is the driving force behind Yulu. His vision for Yulu was to build an eco-friendly, IoT-enabled mobility system that could be hired via an app using a pay-per-use business model. Yulu aims to solve traffic congestion, reduce pollution, positively impact society, and shape a new sustainable India for future generations. This vision is deeply ingrained in the company’s mission and operations.

Yulu Raised $19.25 Million in Fresh Funding

Yulu, India’s leading shared electric two-wheeler mobility company, has successfully secured $19.25 million in funding from its existing strategic investors, Magna and Bajaj Auto. This significant capital infusion will enable Yulu to maintain its growth streak and strengthen its market leadership.

The funds will be used to enhance operational locations and drive product and technology innovation. Yulu aims to bolster its fleet, expand its operational footprints, and meet the escalating demand from consumers. The company also plans to launch a new vehicle customized for e-commerce deliveries. This capital infusion will facilitate fleet expansion, operational enhancements, and innovations in products and technology, thereby accelerating Yulu’s growth strategies.

In terms of expansion, Yulu has witnessed significant demand growth, particularly in Gurugram and Mumbai, prompting the need for additional capital to accelerate expansion plans. The company plans to introduce a new vehicle customized for e-commerce deliveries and expand operations to five more metros in 2024.

The investment benefits Bajaj Auto and Magna as they see very good potential in the space of shared and last-mile mobility. Apart from being financial investors, they share a strategic partnership with Yulu for electric vehicle development.

Navigating the competitive landscape, Yulu has grown to become a movement because it is solving the complex problem of first and last-mile connectivity while also helping alleviate the challenges of congestion and air pollution. With its unique pay-per-use model and user-friendly app, Yulu has managed to carve a niche for itself in the urban mobility market.

In conclusion, this investment marks a significant step forward for Yulu as it continues to revolutionize the urban delivery landscape. With the support of its strategic partners, Yulu is well-positioned to build a class-leading business in the shared and last-mile mobility space.

Yulu’s Future Plans

Yulu, the shared electric two-wheeler mobility company, has ambitious plans for the future. The company aims to have three million e-bikes on the road within three years. Yulu plans to introduce a new vehicle tailored for e-commerce deliveries and expand operations to five more metros in 2024. The company also intends to scale up its battery-swapping stations to 500 by 2024. Furthermore, Yulu’s CEO envisions the company becoming a 5 million-vehicle enterprise in India over the next 3-5 years.

Conclusion

Yulu’s recent funding round underscores the immense potential of the electric vehicle market in India and beyond. With its strategic roadmap, strong investor backing, and commitment to innovation, Yulu is well-positioned to capitalize on this growth opportunity and emerge as a frontrunner in the electric mobility revolution.

FAQs

Who Founded Yulu?

Yulu was founded in 2017 by Amit Gupta, RK Misra, and Naveen Dachuri.

Who is the CEO of Yulu?

Amit Gupta is the CEO of Yulu.

Is Yulu a Chinese company?

No, Yulu is an Indian technology-driven electric micromobility platform headquartered in Bengaluru.

Is the Yulu app real or fake?

The Yulu app is real and provides shared low-speed two-wheeler electric vehicle services in several Indian cities.

Who are Yulu’s investors?

Yulu’s investors include Bajaj Auto, Magna International, Wavemaker, Rocketship, 3One4, and Blume.