Fresh funding of Rs 160 crore has been secured by selling shares.
Yulu has secured a capital boost of $19.25 million (approx. Rs 160 crores) through the sale of shares to existing strategic investors, Magna International Inc. and Bajaj Auto. The fresh funding will help Yulu achieve its three year projection of three million Yulu e-bikes on road. What’s to note is that the new influx of funds comes at a time when Yulu has experienced a significant five-fold increase in its revenue over the past year.
- Yulu claims to cater to mobility needs of over 4 million users
- Company claims prevention of over 20 million kgs of CO2 emissions
Yulu, enables last-mile commuting in major Indian cities, with a fleet of 30,000 e-bikes operational in Bengaluru, Mumbai, Navi-Mumbai, Delhi and Gurugram. The company claims to have met the mobility needs of over 4 million users and to have saved over 20 million kilograms of CO2 emissions. While the majority of Yulu e-bikes are produced at Bajaj Auto’s Chakan plant, Yuma Energy, an Indian player in the Battery-as-a-Service (BaaS) sector, shares its platform with Yulu. Additionally, Yulu has forged partnerships with multiple delivery and logistics firms like Zepto and Zomato.
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Yulu to have 1 million e-bikes on the road in three years, says CEO
Furthermore, Yulu’s CEO confirmed the company’s plan to secure Series C funding round in near future. “Yulu will continue to strengthen its leadership in the mobility-as-a-service (MaaS) segment by deepening existing business lines and opening up new use cases and geographies. Hence, we will look to raise additional funds to power our growth. We are gratified to see a lot of inbound interest from institutional investors and will raise additional capital later this year.”
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Yulu Miracle GR, DeX GR e-bikes launched, made in India by Bajaj