The firm plans to utilise the funds to strengthen momentum towards enabling green last-mile mobility for people movement and goods deliveries, Yulu has said
As part of the agreement, Magna will get a stake in Bengaluru-based Yulu and a seat on the company's board of directors, Yulu said in a statement.
Yulu plans to use the money for product and technology innovation and also increase its fleet to more than one lakh two-wheelers along with 500 and more battery charging and swapping stations over the next 12 months
Yulu deploys shareable low-speed electric two-wheelers
With officegoers working from home during the pandemic, Bengaluru's delivery workers have been powering Yulu app's electric bikes business.
Bajaj Auto has started to develop single-seater, low-power electric scooters with a price tag of around Rs 30,000-35,000