Electric mobility startup Yulu raises $82 million in Series B funding
- The latest funding round is led by US-based
MagnaInternational, with existing investors including Bajaj Autoalso participating in the round. Yuluis one of India’s battery swapping(Battery-as-a-Service) platforms.
- The funds will be used to scale up its fleet and battery swapping network capacity by 10X each in the next 12 months.
- Yulu’s next generation of electric 2 wheelers will roll out of Bajaj’s Pune facility by end of 2022.
Yulu offers electric mobility-as-a-service (MaaS) and battery-as-a-service (BaaS). The funds will be used to scale up its fleet, and battery swapping network capacity by 10 times each, in the next 12 months.
“We can clearly see a 100X growth opportunity for Yulu in both the BaaS and MaaS businesses in the next three-four years. We will go deeper and denser in our existing markets and explore new areas while delivering a great customer experience,” Amit Gupta, co-founder & CEO, Yulu (Bikes) said.
Yulu also aims to increase its EV fleet to more than one lakh electric 2-wheelers along with over 500 battery charging and swapping stations within the same timeframe.
Yulu is forming a new entity,
“Micromobility presents a great opportunity for additional growth for Magna, and joining forces with Yulu helps us expand our business into this rapidly growing sector,” Matteo Del Sorbo, executive VP, Magna International said.
Yulu said that its partnership with 2-wheeler manufacturer Bajaj Auto has aided its product design, technology platforms, engineering processes and manufacturing. They plan to roll out next-generation electric 2-Wheelers out of Bajaj’s Pune facility by this year-end.
The EV company also partnered with Bangalore Metro (BMRCL),
Founded in 2017, Yulu is one of India’s largest shared EV mobility and battery swapping companies. It provides urban Mobility-as-a-Service (MaaS) in Bengaluru, Mumbai and Delhi-NCR.
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