Electric mobility startup Yulu raises $82 million in its Series B funding
- ByStartupStory | September 12, 2022
Yulu, a shared Mobility-as-a-Service (MaaS) and Battery-as-a-Service (BaaS), raised Rs. 653 crores, nearly $82 million in a Series B funding round led by Magna International, a mobility technology company. Other investors included Bajaj Limited, an existing investor.
Yulu plans to utilize the fund to improve its leadership via product and technological innovation, as well as to expand its electronic vehicle (EV) fleet to over 1 lakh electric two-wheelers and over 500 battery charging and swapping stations over the next 12 months. The company will generate free cash flow as a result of this commercial development, laying the groundwork for exponential growth.
Yulu is partnering with Magna to establish a nationwide battery charging and swapping infrastructure to meet the demand for Yulu vehicles as well as vehicles from other manufacturers. This infrastructure, according to the business, would lower the initial cost of purchasing EVs and expedite the adoption of electric transportation in India.
Yulu’s EVs are expected to release in Bajaj Limited’s Pune facility by the end of 2022. It has built partnerships with Bangalore Metro (BMRCL), Delhi Metro (DMRC), and city authorities in Bengaluru (BBMP/DULT), Mumbai (BMC/MMRDA), and New Delhi (NDMC) for parking as well as charging infrastructure.
Amit Gupta, Co-founder & CEO, Yulu Bikes Pvt Ltd, said, “We can clearly see a 100X growth opportunity for Yulu in both the BaaS (Battery as a Service) and MaaS (Mobility as a Service) businesses in the next three-four years. As the market leader in electric mobility, with a proven business model built on positive unit economics, our focus now will be to establish a robust and agile supply chain and scale up our operations.” He added, “We will go deeper and denser in our existing markets and explore new areas while delivering a great customer experience. We welcome Magna onboard with our shared vision to create a sustainable and scalable EV ecosystem in India and beyond.”
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