Yulu raises $82Mn in Series B round
By MYBRANDBOOK
Electric mobility startup Yulu has raised $82 million in equity funding led by US-based Magna International in a Series B funding round including existing partners like Bajaj Auto Limited.
Yulu will scale its mobility & battery swapping businesses and increase its EV fleet to more than 1 lakh two-wheelers along with over 500 battery charging and swapping stations in the next 12 months. The company will also form a new entity called Yulu Energy with Magna to create a battery swapping (Battery-as-a-Service) platform with an interoperable system to accelerate the electrification of mobility.
Yulu provides urban Mobility-as-a-Service (MaaS) in Bengaluru, Mumbai, and Delhi-NCR and claims to have completed more than 3.5 million battery swaps to date. The platform offers last-mile connectivity through its electric bike and network of EV charging and battery swapping network.
Amit Gupta, Co-founder & CEO, Yulu Bikes Pvt Ltd, said, “We can clearly see a 100X growth opportunity for Yulu in both the BaaS (Battery as a Service) and MaaS (Mobility as a Service) businesses in the next three-four years. 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.”
Yulu and Bajaj have been collaborating on product design, technology platforms, engineering processes, and manufacturing. Yulu’s next generation of electric two-wheelers will roll out of Bajaj’s Pune facility by this year-end.
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