Yulu, a leading shared electric two-wheeler mobility, has infused equity of USD 19.25 million (about Rs 160 crore) into its business. The funds were raised by issuing more shares to Yulu’s existing strategic investors, Magna and Bajaj Auto Ltd.
Over the past year, Yulu has seen a nearly 5x leap in revenue. The additional capital raised will enable Yulu to maintain its growth streak and strengthen its market leadership as it expands in terms of vehicles and operating locations and innovates products and technology to keep pace with growing user demand.
“Yulu has seen demand speeding up in recent quarters,” said Amit Gupta, Co-Founder and CEO, Yulu. “In particular, our electric vehicle sharing services have transformed the urban delivery landscape by increasing the proportion of green deliveries while enabling livelihoods through features Revolutionary product, technology-driven operations and superior customer experience. “We are delighted that our existing investors, Bajaj and Magna, among others, share our enthusiasm and optimism and have increased their investments to drive this accelerated growth.”
Rakesh Sharma, Executive Director, Bajaj Auto, said: “Bajaj and Yolo enjoy a strategic partnership and our role extends beyond being a financial investor. We see very good potential in shared mobility and last mile. So, together we continue to leverage our combined expertise in consumer insights, technology and manufacturing to build an industry leader. “We are supportive of Yulu's plans and the current investment is the result of the shared vision and strategy to achieve them.”
“In addition to being better for the planet, technology-based solutions for electric mobility and clean energy are changing the way people move,” said Matteo Del Sorbo, Executive Vice President of Magna International and Global Leader of Magna New Mobility. “At a time when “Short, Yolo and Yuma have made a powerful impact on both people and the planet, and we believe in the future we will see them change the lives of millions more for the better.”
Amit also confirmed that Yulu is on track to raise its Series C round of funding soon. “Yulu will continue to strengthen its leadership in the Mobility as a Service (MaaS) sector by deepening existing business lines and unlocking new use cases and geographies. We will therefore look to raise additional funds to support our growth. He added: “We are pleased to see the strong interest from institutional investors and will raise Additional money later this year.”
Since its inception, Yulu has addressed the first- and last-mile mobility needs of more than 4 million users. It currently operates 30,000 electric vehicles in Bengaluru, Mumbai, Navi Mumbai, Delhi and Gurugram and has avoided more than 20 million kg of CO2 emissions. Yulu also works with leading delivery and logistics companies to unlock sustainable mobility options for its delivery partners, while improving the profits of the latter through its technologically advanced and affordable electric vehicles that ensure high availability and uptime for end-users. The company said Yulo's electric vehicles have enabled more than 450 million kilometers of green rides and 80 million green deliveries to date.
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