Yulu to expand shared e-bike business as Bajaj, Magna invest fresh capital
Last-mile mobility player, Yulu has announced raising a fresh investment of $19.25 million (approx. ₹160 crore) through the sale of shares to existing investors - Bajaj Auto and Magna International. The new investment will help Yulu achieve its three-year projection of selling three million Yulu electric bikes on the road. The announcement comes amidst a five-fold rise in the company’s revenue over the last year. Yulu’s e-bikes are built by Bajaj Auto.
Yulu says the additional capital will enable the company to strengthen its market leadership and expand vehicle and operational locations as well as product and technology innovations. The company currently runs 30,000 EVs across Bengaluru, Mumbai, Navi Mumbai, Delhi and Gurugram. It is said to have met the needs of over four million users, leading to savings of over 20 million kg of CO2 emissions.
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Speaking about raising fresh capital, Amit Gupta, Co-founder & CEO - Yulu, said, “Yulu has seen demand speeding up in the last couple of quarters. In particular, our shared EV services have transformed the urban delivery landscape by increasing the share of green deliveries while enabling livelihoods through disruptive product features, technology-powered operations, and a superior customer experience. We are delighted that our existing investors Bajaj and Magna, among others, share our excitement and optimism and have stepped up their investments to power this growth spurt."
Rakesh Sharma, Executive Director - Bajaj Auto, said, “Bajaj and Yulu enjoy a strategic partnership and our role extends to beyond being a financial investor. We see very good potential in the space of shared and last-mile mobility. Hence, together we continue to leverage our combined expertise in consumer knowledge, technology, and manufacturing to build a class-leading business in this space. We are supportive of Yulu’s plans and the current investment is an outcome of the shared vision and strategy to realise it."
Matteo Del Sorbo, Executive Vice President, Magna International and Global Lead of Magna New Mobility, said, “In addition to being better for the planet, technology-led solutions for electric mobility and clean energy transform the way people move, work, and earn their livelihoods," he said, adding, “In a short time, Yulu and Yuma have created a strong impact on both people and the planet and we believe that the future will see them transforming millions more lives for the better."
Yulu is working to raise a Series C round of funding to strengthen its leadership in the Mobility-as-a-Service (MaaS), depending on existing locations and opening up to newer geographies. Yulu’s e-bikes share their underpinnings with Yuma Energy. which provides Battery-as-a-Service (BaaS). The Yuma e-bikes at built at Bajaj Auto’s Chakan plant. The company has also partnered with multiple delivery logistics firms like Zepto and Zomato.
