Electric mobility startup Yulu today raised $82 million (₹653 crore) in a Series B funding round, led by mobility technology company, Magna International. Bajaj Auto, who 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 scale up its fleet, and battery swapping network capacity by 10 times each, in the next 12 months.
“We can clearly see a 100X growth opportunity for Yulu in both the BaaS and MaaS 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,” Amit Gupta, co-founder & CEO, Yulu (Bikes) said.
Yulu also aims to increase its EV fleet to more than one lakh electric 2-wheelers along with over 500 battery charging and swapping stations within the same timeframe.
Yulu is forming a new entity, Yulu Energy, with Magna to create nation-wide battery charging and swapping infrastructure. The entity is hoping to build a capacity of one million battery swaps per day, by 2030.
“Micromobility presents a great opportunity for additional growth for Magna, and joining forces with Yulu helps us expand our business into this rapidly growing sector,” Matteo Del Sorbo, executive VP, Magna International said.
Yulu said that its partnership with 2-wheeler manufacturer Bajaj Auto has aided its product design, technology platforms, engineering processes and manufacturing. They plan to roll out next-generation electric 2-Wheelers out of Bajaj’s Pune facility by this year-end.
The EV company also partnered with Bangalore Metro (BMRCL), Delhi Metro (DMRC) and city authorities in Bengaluru (BBMP/DULT), Mumbai (BMC/MMRDA) and New Delhi (NDMC) for parking and charging infrastructure.
Founded in 2017, Yulu is one of India’s largest shared EV mobility and battery swapping companies. It provides urban Mobility-as-a-Service (MaaS) in Bengaluru, Mumbai and Delhi-NCR.
