Yulu Secures $82 Million in Series B Funding for Electric Vehicle (EV) Expansion
- ByStartupStory | January 13, 2024
Indian electric mobility startup Yulu has successfully secured Rs 25 crore in debt from Chennai-based non-banking financial company Northern Arc Capital.
According to documents accessed from the Registrar of Companies, Yulu Bikes’ board has passed a special resolution to issue 250 non-convertible debentures at an issue price of Rs 1,00,000 each, aiming to raise Rs 25 crore through this method.
In September 2022, Yulu experienced a significant financial boost, raising $82 million in equity funding during a Series B funding round led by US-based Magna International.
The startup, known for offering last-mile connectivity through its electric bikes and an extensive network of EV charging and battery swapping stations, operates in major urban areas like Bengaluru, Mumbai, and Delhi-NCR. The Mobility-as-a-Service (MaaS) provider has, through its joint venture Yuma with Canadian automotive supplier Magna, executed more than 6.5 million swaps to date.
Expressing the company’s continued commitment to innovation and growth, Yulu has formed a strategic partnership with India’s renowned two-wheeler manufacturer, Bajaj Auto. Over the years, the collaboration between Yulu and Bajaj Auto has extended to various aspects, including product design, technology platforms, engineering processes, and manufacturing.
Despite facing a loss of Rs 94.88 crore, Yulu has shown promising financial progress by registering Rs 41.74 crore in revenue from operations in the last fiscal year.
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