Yulu, the six-year-old electric two-wheeler company, has secured a significant boost with a $19.25 million equity funding round from existing investors Magna and Bajaj Auto Ltd. This infusion of capital underscores Yulu’s commitment to enhancing last-mile connectivity and advancing electric vehicle (EV) technology in urban areas.
The additional funding will empower Yulu to sustain its growth trajectory and bolster its market leadership position by expanding its fleet of vehicles, operational footprint, and focus on product and technology innovation. With this injection of capital, Yulu aims to consolidate its presence in key markets like Bengaluru, Mumbai, and Delhi-NCR while exploring opportunities for further expansion.
Yulu’s strategic partnerships, including its joint venture with Canadian automotive supplier Magna through Yuma, have facilitated over 6.5 million swaps to date, showcasing the efficacy of its electric bike and battery swapping network in addressing urban mobility challenges.
CEO Amit Gupta reaffirmed Yulu’s commitment to transforming the mobility-as-a-service (MaaS) landscape, emphasizing the company’s intent to raise additional funds through an upcoming Series C round. The infusion of capital will fuel Yulu’s ambition to deepen existing business lines, explore new use cases, and expand into untapped geographies.
Despite challenges posed by the pandemic and evolving regulatory landscapes, Yulu has demonstrated remarkable resilience, achieving a nearly 5x leap in revenue over the past five years. In FY23, the company recorded Rs 41.74 crore in revenue from operations, marking a significant milestone in its growth trajectory.
While Yulu faces competition from players like Zypp Electric, Bounce, and Ebikego, its relentless focus on innovation, sustainability, and customer-centric solutions sets it apart in the burgeoning electric mobility sector.
As urban centers grapple with congestion, pollution, and the imperative to transition towards greener transportation alternatives, Yulu’s emphasis on sustainable urban mobility solutions assumes greater significance. By harnessing the power of technology and collaboration, Yulu is poised to shape the future of urban transportation, making cities more livable and environmentally sustainable.
In a landscape characterized by rapid technological advancements and shifting consumer preferences, Yulu’s vision for a cleaner, more connected urban future resonates with the aspirations of a new generation of commuters. With the latest funding round propelling its growth trajectory, Yulu stands at the forefront of the electric mobility revolution, driving positive change one ride at a time.
