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Magna forays into micromobility with bet on Yulu

Yulu deploys shareable low-speed electric two-wheelers

September 12, 2022 / 10:20 AM IST
Representative image.

Representative image.

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.

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The company currently has approximately 10,000 electric-powered two-wheelers in service and operations in Bengaluru, Delhi, and Mumbai.

 
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first published: Sep 12, 2022 10:20 am
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