Electric ride-sharing startup Yulu is preparing to launch a new electric two-wheeler scooter to meet the demands of India's rapidly growing e-commerce and bike-taxi sectors, Amit Gupta, cofounder and CEO of Yulu told Moneycontrol.
The Bengaluru-based company is betting big on this segment as it works to capture market share from competitors such as Zypp and Bounce.
However, unlike some competitors, Yulu doesn't manufacture its own vehicles. Instead, it partners with established players like Bajaj to bring its models to life.
Currently, the company offers two models: the Yulu Dex, optimized for short-range deliveries, and the Miracle, designed for last-mile commutes.
The upcoming addition, according to Gupta, will cater to the increasing delivery needs of the B2B space, providing solutions for larger packages and longer distances.
Speaking with Moneycontrol, Gupta said that the new electric scooter will have a mid-speed capacity, with a top speed of 45 kmph, making it ideal for delivery jobs requiring faster transit and heavier loads.
“This product will increase our Servicable Addressable Market (SAM) by 10X," Gupta noted. "These can be used for e-commerce, bike taxis, and any courier or longer-distance travel needs,” he added.
Yulu's move into the delivery market comes at a time when electric vehicles (EVs) are becoming essential tools for logistics companies trying to meet the demand for faster and more sustainable delivery options.
With the rise of quick commerce — where groceries and essentials are delivered within minutes — startups like Zypp and Bounce have expanded their EV fleets to support this shift.
Arvind Sanka, co-founder of ride-hailing service Rapido too emphasized the increasing demand for such EVs in the market, adding that it's a space with growing potential.
Yulu’s new scooter, which is expected to hit the roads by the end of this financial year, is undergoing final testing phases.
including rigorous "abuse tests" to ensure its durability and performance under tough conditions.
“The vehicle is in good shape and it is going through some abuse testing and other process, it will likely be out by the end of this financial year,” Gupta added.
Yulu was founded in 2017 by Gupta, RK Misra, Naveen Dachuri, and Anuj Tewari. It provides its urban mobility-as-a-service (MaaS) offering in Bengaluru, Mumbai, Navi Mumbai, Delhi, Gurugram, Noida and Hyderabad.
Also Read: Yulu surpasses $30 million ARR on rising demand from quick commerce
Yulu’s new model comes as the firm recently announced that their annual recurring revenue (ARR) crossed $30 million in 2024 and it turned Ebitda positive on growing demand from the quick commerce segment.
Yulu has raised $123 million, so far. Of this, a sizeable chunk came from the $82-million Series B funding round led by Magna International Inc in September 2022.
The $123 million also includes $52 million for Yuma — from investors including Bajaj Auto, Magna International, Blume Ventures, 3one4 capital, Wavemaker, Incubate Fund, Rocketship.vc, and other institutional and angel investors.
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