Shared electric two-wheeler mobility company, Yulu, has secured an equity infusion of $19.25 million (INR160 crore). The funds were raised through the issuance of shares to existing strategic investors, Magna and Bajaj Auto Ltd.
Yulu has experienced a significant fivefold increase in revenue over the past year. The company plans to expand its fleet, operational locations, and invest in product and technology innovation to meet the escalating demand from users.
Amit Gupta, Co-founder & CEO of Yulu said, the surging demand in shared electric vehicle (EV) services, particularly in urban delivery, transforming the landscape by increasing green deliveries and providing livelihood opportunities. He also confirmed the company’s intention to raise its Series C funding soon, aiming to strengthen its position in the mobility-as-a-service (MaaS) segment.
Rakesh Sharma, Executive Director of Bajaj Auto, said that he sees substantial potential in shared and last-mile mobility, expressing support for Yulu's plans and the recent investment.
Magna International's Executive Vice President, Matteo Del Sorbo, underscored the crucial role played by green mobility solutions in emerging markets. He praised Yulu's impact on both people and the planet, citing technology-led solutions as transformative for mobility and clean energy.
Also Read: