Tech-driven shared mobility startup Yulu has raised $82 million in its Series B funding round led by Magna International Inc, the company said in a statement on September 12.
Yulu plans to invest the money in product and technology innovation and increase its electric vehicle (EV) fleet to more than one lakh two-wheelers along with 500 and more battery charging and swapping stations over the next 12 months.
“This business expansion will lead to Yulu becoming free cash-flow and will lay the foundation for exponential growth,” the statement said.
Founded in 2017 by Amit Gupta, Naveen Dachuri, RK Misra, and Hemant Gupta, Yulu provides urban Mobility-as-a-Service (MaaS) in Bengaluru, Mumbai, and Delhi-NCR, and has created AI-powered Battery-as-a-Service (BaaS) platform. The company claims to have completed 3.5 million battery swaps to date.
“We can clearly see a 100X growth opportunity for Yulu in both the BaaS and MaaS businesses in the next three-four years,” cofounder and chief executive Amit Gupta said.
The company’s focus would be to establish a robust and agile supply chain and scale up operations, he added.“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,” Gupta said.
Yulu has a strategic partnership with the two-wheeler manufacturer Bajaj Auto Ltd.
Over the years, Yulu and Bajaj have collaborated on product design, technology platforms, engineering processes, and manufacturing.
“Yulu’s next generation of electric 2-wheelers will roll out of Bajaj’s Pune facility by this year-end,” the statement said.
Yulu is also forming a new entity, Yulu Energy, with Magna, a mobility technology company, to create nationwide battery charging and swapping infrastructure.
The infrastructure is expected to reduce the upfront cost of buying EVs and will accelerate the adoption of electric mobility in India.“Micro mobility 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 Vice President, Magna said.
The electric bicycle and scooter rental startup raised $30 million in a funding round in June of 2020 led by Rocketship. Yulu had previously raised around $20 million from investors such as Bajaj Auto Ltd, Blume Ventures, 3one4 Capital, and Wavemaker.