Yulu, a micro-mobility service provider, has successfully secured fresh funding of $19.25 million (approximately Rs 160 crores) through the sale of shares to existing strategic investors, Bajaj Auto and Magna International Inc. The newly infused capital will play a pivotal role in helping Yulu achieve its ambitious three-year projection of having three million Yulu e-bikes on the road.
Funding Details
Yulu has raised $19.25 million in fresh funding through the sale of shares to existing investors, Bajaj Auto and Magna International Inc.
Strategic Investors
Bajaj Auto, an Indian two-wheeler manufacturer, and Magna International Inc., a global automotive supplier, have shown continued support for Yulu.
Utilization of Funds
The funds will be instrumental in realizing Yulu's three-year goal of deploying three million Yulu e-bikes on the roads.
Revenue Growth
Yulu has witnessed significant growth, experiencing a five-fold increase in revenue over the past year.
Operational Presence
Yulu operates a fleet of 30,000 e-bikes, providing last-mile commuting solutions in major Indian cities such as Bengaluru, Mumbai, Navi-Mumbai, Delhi, and Gurugram.
Environmental Impact
Yulu claims to have met the mobility needs of over 4 million users and has contributed to preventing over 20 million kilograms of CO2 emissions.
Production and Partnerships
The majority of Yulu e-bikes are produced at Bajaj Auto's Chakan plant. Yulu collaborates with Yuma Energy, a player in the Battery-as-a-Service (BaaS) sector. Partnerships with delivery and logistics firms like Zepto and Zomato have also been established.
Future Funding Plans
Yulu's CEO confirmed plans to secure Series C funding in the near future to fuel further growth and expansion.
Inbound Interest
The company has received significant interest from institutional investors and aims to raise additional capital later this year.
Yulu's commitment to providing sustainable and convenient micro-mobility solutions aligns with the broader goals of reducing carbon emissions and meeting the evolving transportation needs of urban populations. The infusion of fresh funds positions Yulu for continued growth and expansion in the micro-mobility sector.