Yulu Secures Rs 653 Crore Funding For Electric Mobility And Battery Swapping Businesses

Electric Mobility-as-a-Service firm Yulu announced that it has received Series B funding of Rs. 653 crore in its latest round of capital infusion. The funding was lead by US-based mobility tech company Magna International. Also part of the funding was existing investor Bajaj Auto Limited.

Amit Gupta, Co-founder & CEO, Yulu (Bikes Pvt Ltd) said, “We can clearly see a 100X growth opportunity for Yulu in both the BaaS and MaaS 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. 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.”

The company says that the capital raised from the latest round of funding will help further strengthen the brand’s products and technologies. The company says it plans to increase its electric two-wheeler fleet in India to over 1 lakh units while also expanding its battery swapping station network to over 500 outlets in the next 12 months. To that end, the company announced the formation of a new entity Yulu Energy in collaboration with Magna to develop a nation-wide battery charging and swapping network to cater to its own as well as other OEM’s models.

Founded in 2017, Yulu offers services in the first and last mile mobility space as well as supporting green mobility in the delivery space. The firm has also formed partnerships with city authorities in Bengaluru, Mumbai and New Delhi as well as the Bangalore and Delhi Metros for setting up parking and charging infrastructure.