Yulu To Invest Rs. 1200 Crore In Karnataka; Will Deploy 1 Lakh EVs And Set Up Charging Infrastructure

Bengaluru-based shared electric mobility platform, Yulu, has signed a Memorandum of Understanding (MoU) with the Government of Karnataka to invest Rs. 1200 crore in the state. As part of the MoU, Yulu will deploy a fleet of 1 Lakh electric vehicles and operationalise the largest EV battery charging and swapping infrastructure in the state over the next 5 years. The MoU also covers investments made in product innovation, new technology and sustainable operations.

Yulu says that this investment will lead to the creation of about 7000 direct jobs across its value chain activities. Additionally, Yulu will leverage its R&D and research expertise to design, develop & manufacture IoTs and EV charging equipment. The MoU was signed by R K Misra, Co-Founder, Yulu, at the Invest Karnataka Global Investors Meet in Bengaluru, in the presence of the Chief Minister of Karnataka Basavaraj Bommai, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman, other Union Cabinet Ministers, State Government officials and other dignitaries.

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

Yulu has been offering first and last-mile mobility solutions with its battery-operated electric two-wheelers.

Talking about this latest development, R K Misra, Co-Founder, Yulu said, “Karnataka is one of the most progressive and action-oriented states of the country in embracing an EV future. As a leading Electric Mobility player and an active industry participant, Yulu has worked closely with policymakers and government departments to help formulate policies that foster a vibrant EV ecosystem. This MoU is a step forward in that partnership and also cements Karnataka’s position as a preferred investment destination for electric vehicle manufacturing, R&D, and deployment hub in India. We are committed to redefine urban mobility by reducing congestion & pollution, and a thriving Government-Industry partnership will play a foundational role in achieving this vision.”

Yulu, which has been offering first and last-mile mobility solutions with its battery-operated electric two-wheelers, says that the company is driven by the principles of Affordability, Accessibility & Availability. The company aims to enable shared mobility at scale, and this MoU will further that cause.

Yulu has already built successful partnerships in Karnataka with Bengaluru Metro (BMRCL), and city authorities in Bengaluru (BBMP/DULT), for both parking and charging infrastructure. Currently, Yulu zones are also present in the vicinity of key BMRCL Metro Stations and BMTC bus stops, in addition to 1000+ locations in the city. With over 70 charging and swapping stations Yulu already has a sizable presence in the Battery-as-a-Service business and continues to expand at a rapid pace.