E-bike Rental Startup Yulu Eyes Profitability by September, Expands Services Across India and International Markets
- ByStartupStory | June 15, 2023
Yulu, an e-bike rental startup aiming to go public, anticipates achieving operational profitability by September. The company’s CEO reveals plans to expand its services across India and international markets. Presently operating in Bengaluru, Delhi, and Mumbai, Yulu intends to enter Hyderabad, Pune, Chennai, Kolkata, and Ahmedabad within the next 15 months. Additionally, the company will seek collaborations with local entrepreneurs in smaller cities like Varanasi, Agra, and Goa.
“Yulu is open to give its technology platform to anyone who wants to run a small fleet in cities where we do not have a long-term plan to run it,” CEO Amit Gupta told Reuters.
Yulu’s expansion plan aligns with the government’s larger initiative to promote electric vehicles in shared transportation. The startup is strategically leveraging partnerships with prominent delivery companies such as Zomato, Swiggy, and Zepto to maintain a competitive edge against rivals like Zypp Electric, backed by Gogoro, and Ola Electric, backed by SoftBank.
According to Yulu’s statement to Reuters, delivery executives constitute 60% of the company’s fleet utilization and revenue share. In the financial year FY23, over 50,000 delivery executives availed themselves of Yulu’s services.
Yulu, founded by Gupta, RK Misra, and Naveen Dachuri in 2017, has set a target to expand its fleet four-fold to reach 100,000 vehicles by the conclusion of the current fiscal year. The startup reported a reduction in annual losses from Rs 61.1 crore in FY21 to Rs 55.5 crore ($6.8 million) in FY22, as stated by a company representative. The financial results for FY23 are still pending release.
Yulu’s bikes are made by Bajaj Auto, which exports vehicles to over 70 nations. The startup plans to piggyback on the industry veteran to venture abroad.“The countries looking interesting are the ones where EV is there as a policy” such as Thailand and Indonesia,” Gupta said.
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