Bengaluru-Based Yulu Secures Rs. 73 Crore Financing From U.S. International Development Finance Corporation
- Yulu received a loan confirmation of Rs. 73 crore by the U.S. International DFC.
- The IDFC proposed the investment in Yulu through its new e-mobility financing team.
- The funds will bolster Yulu’s momentum towards its vision of enabling green last-mile connectivity.
Yulu, a Bengaluru-based shared electric Mobility-as-a-Service (MaaS) player, received a loan confirmation of Rs. 73 crore from the U.S. International Development Finance Corporation (DFC), the United States government’s Development Financial Institution (DFI), focused on advancing economic growth in emerging markets across the world. The IDFC proposed the investment in Yulu through its new e-mobility financing team, as a part of the institution's focus on financing clean and zero-emissions transportation solutions in India. The funds will bolster Yulu’s momentum towards its vision of enabling green last-mile connectivity.
Anuj Tewari, CFO, Yulu said, “This financing from a forward-looking institution as the DFC speaks about their belief in Yulu’s vision and the ability to execute at scale, to not just create a green mobility alternative but also to create livelihoods through direct and indirect employment opportunities. We are quite thrilled.”
(From L-R): Anuj Tewari-CFO, Naveen Dachuri-Cofounder & CTO, Amit Gupta-Co-Founder & CEO, and R K Misra- Co-Founder & President.
Yulu has made more than 1 million EV deliveries to date helping save 15,000 metric tons of CO2 emissions. The company also created a dedicated social and development program for delivery executives called “Safe Rider,” in conjunction with city and traffic authorities. The initiative educates delivery executives on road safety awareness and has successfully trained delivery executives of many leading delivery companies in Bengaluru and Delhi.