Electric mobility startup Yulu raises $82M in Series B funding

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  • The latest round of funding is led by a US-based company magna International, with existing investors including Bajaj Auto also take part in the tour.
  • Yulu is one of battery swap (Battery as a service).
  • The funds will be used to increase the capacity of its fleet and battery exchange network by 10 times over the next 12 months.
  • Yulu’s next generation electric 2-wheeler will roll out of Bajaj’s facilities in Pune by the end of 2022.

Electric mobility startup Yulu today raised $82 million (₹653 crore) in a Series B funding round, led by mobility technology firm Magna International. Bajaj Auto, which is an existing investor, also participated in the round.

Yulu offers electric mobility as a service (MaaS) and battery as a service (BaaS). The funds will be used to increase its fleet and battery exchange network capacity by 10 times each, over the next 12 months.

“We can clearly see a 100x growth opportunity for Yulu in the BaaS and MaaS businesses over the next three to four years. We will deepen and densify our existing markets and explore new areas while delivering an excellent customer experience” , said Amit Gupta, co-founder and CEO of Yulu (Bikes).

Yulu also aims to increase its EV fleet to more than one lakh electric 2-wheelers as well as more than 500 battery charging and swapping stations within the same time frame.

Yulu forms a new entity, Yulu Energy, with Magna to create a nationwide battery charging and swapping infrastructure. The entity hopes to build a capacity of one million battery swaps per day, by 2030.

“Micromobility presents a great opportunity for additional growth for Magna, and partnering with Yulu helps us expand our business in this rapidly growing sector,” said Matteo Del Sorbo, Executive Vice President of Magna International.

Yulu said its partnership with two-wheeler maker Bajaj Auto has helped its product design, technology platforms, engineering processes and manufacturing. They plan to roll out next-generation electric 2-Wheelers from the Bajaj factory in Pune by the end of the year.

The EV company has also partnered with Bangalore Metro (BMRCL), Delhi Metro (DMRC) and the municipal authorities of Bangalore (BBMP/DULT), Mumbai (BMC/MMRDA) and New Delhi (NDMC) for parking and charging infrastructure.

Founded in 2017, Yulu is one of India’s largest electric vehicle shared mobility and battery swap companies. It provides urban mobility as a service (MaaS) in Bengaluru, Mumbai and Delhi-NCR.

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