Yulu Raised $19.25 Million Through the Joint Efforts of Magna and Bajaj Auto

The electric micromobility platform Yulu, which is based in Bengaluru and has Indian technology, offers shared low-speed two-wheeler electric vehicle (EV) services in various cities including Bengaluri, Mumbai, Navi, Delhi, and Gurugram. With four million users, Yulu has a fleet of 25,000 dockless shared electric vehicles. Approximately 280,000 last mile deliveries and 10,000 daily commutes are made using the vehicle’s electric vehicles. In 2022, Yulu formed a partnership with Magna International to establish Yuma Energy, specializing in battery as if services (BaaS). The network of stations on Yuma is currently providing battery exchange services for Yulu riders. Every month, it conducts half a million swaps.

Yulu, a pioneering electric two-wheeler venture, has secured a substantial investment of $19.25 million (roughly Rs 160 crore) in equity funding, courtesy of its steadfast supporters, Magna and Bajaj Auto Ltd. This injection of funds comes as a crucial catalyst for Yulu’s ongoing trajectory of growth, empowering the company to fortify its position as a frontrunner in the market.

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With this financial boost, Yulu is poised to expand its fleet of vehicles, broaden its operational footprint, and spearhead advancements in product and technological innovation, as highlighted in their recent press release.

Back in September 2022, Yulu marked a significant milestone by securing $82 million in equity funding, spearheaded by the esteemed Magna International based in the US, during its Series B funding round. Notably, the company also secured an additional $3 million in debt financing earlier this year, further underlining its commitment to innovation and expansion.

Yulu, the six-year-old dynamo, zips ahead in the urban mobility scene with its electric bike marvel and a sprawling network of EV charging and battery swapping stations. Picture this: seamless rides weaving through the bustling streets of Bengaluru, Mumbai, and Delhi-NCR, all thanks to Yulu’s Mobility-as-a-Service (MaaS) magic.

In a brilliant collaboration dubbed Yuma, a brainchild of Yulu and the esteemed Canadian automotive supplier Magna, over 6.5 million swaps have been effortlessly executed till date. Talk about efficiency! And here’s the scoop straight from the horse’s mouth: Amit Gupta, the visionary co-founder and CEO of Yulu, spills the beans that the company is gearing up for its Series C funding round. Get ready to witness Yulu’s journey hitting new heights soon!

Yulu is committed to solidifying its leading position in the mobility-as-a-service (MaaS) realm by strengthening current ventures and exploring fresh opportunities across various regions and applications. Consequently, we are actively seeking additional funding to fuel our expansion. We are delighted to note the substantial interest from institutional investors and plan to secure extra capital later this year,” stated the spokesperson.

In the fiscal year 2023, Yulu recorded a revenue of Rs 41.74 crore from its operations, a significant increase from Rs 29 crore in FY22. However, alongside this growth, there was an escalation in losses, which rose to Rs 95 crore from Rs 55 crore. Yulu attributes this growth in revenue to a nearly fivefold increase over the past five years.

Yulu, a prominent electric two-wheeler venture, has secured a substantial investment of $19.25 million, further fortifying its position in the market. With plans to expand its fleet, operational footprint, and enhance technological innovation, Yulu is poised for significant growth. Having recently marked a milestone in equity funding and debt financing, the company strives for innovation and expansion. Yulu’s commitment to strengthening its position in mobility-as-a-service is evident through its collaborations and future funding plans. Despite increased revenue, escalating losses underscore the company’s ongoing efforts amid its nearly fivefold revenue growth over the past five years.