Bajaj Auto to invest $8 million in Yulu; share price goes up
Bajaj will also consider facilitating the vehicle finance needs of Yulu for a large-scale deployment of its micro-mobility electric vehicles.
November 26, 2019 / 01:26 PM IST
Bajaj Auto will invest $8 million in Yulu, the largest cycle and bike sharing platform, to transform urban commute in India, the company said on November 26.
"Yulu will source from Bajaj electric two-wheelers which have been co-designed and manufactured exclusively for shared micro-mobility," a Bajaj media release announcing the partnership with the Bengaluru-based company said.
Shares of the automaker traded with mild gains of 0.23 percent at Rs 3,203 on BSE at 12:10 hours.
Yulu plans to increase its fleet size to 1, 00, 000 electric two-wheelers by December 2020.
As per the media release, Bajaj will also consider facilitating the vehicle finance needs of Yulu for large- scale deployment of its micro-mobility electric vehicles.
"In Yulu, we find an experienced and committed partner with the robust achievement of success metrics in a very short time. And this is why we decided to partner with them in their journey of bringing Yulu service to every neighbourhood of urban India,” said Managing Director Rajiv Bajaj.