Mobility technology company Magna is foraying into the micromobility market by investing $77 million in India’s largest electrified shared mobility provider Yulu.
Magna will have a stake in the company and a seat on the board of directors. In addition, the two companies have established a new battery-swapping entity.
Yulu deploys shareable low-speed electric two-wheelers.
Magna will serve as the exclusive battery-swapping provider for Yulu’s customers and manage the future buildup of the infrastructure required for swaps.
This new Battery-as-a-Service (BaaS) entity leverages Yulu’s strong market position and network in India as well as its software expertise.
The company currently has approximately 10,000 electric-powered two-wheelers in service and operations in Bengaluru, Delhi, and Mumbai.