Yulu aims to increase its EV fleet, and battery charging and swapping stations with this investment.
Yulu, the shared electric mobility company, has announced the infusion of USD 82 million (approx. Rs 653 crore) in their Series B funding led by mobility technology company Magna International Inc. Existing investors, including Bajaj Auto, also participated in this investment round.
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Company says this investment will enable ‘exponential growth’
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Next-gen Yulu EVs will be made at Bajaj’s Pune facility
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Will set up ‘Yulu Energy’ with Magna
With this round of funding, Yulu aims to increase its EV fleet to over 1,00,000 electric two-wheelers, along with setting up over 500 battery charging and swapping stations in the next 12 months.
Amit Gupta, co-founder and CEO, Yulu (Bikes Pvt Ltd) said, “We can clearly see a 100X growth opportunity for Yulu in both the Mobility-as-a-Service (MaaS) and Battery-as-a-Service (BaaS) businesses in the next three-four years. Our focus now will be to establish a robust and agile supply chain and scale-up our operations and explore new markets.”
Matteo Del Sorbo, executive vice-president, Magna International and global lead of Magna New Mobility said, “This is an incredibly exciting time for Magna to contribute to a sustainable future in urban mobility through this investment in Yulu. Micromobility presents a great opportunity for additional growth for Magna, and joining forces with Yulu helps us expand our business.”
Currently, Yulu has a successful strategic partnership with Bajaj Auto, and, over the years, have been collaborating on product design, technology platforms, engineering processes and manufacturing. Yulu’s next generation of electric two-wheelers will roll out of Bajaj Auto’s Pune facility by this year-end.
Yulu has built successful partnerships with Bangalore Metro (BMRCL), Delhi Metro (DMRC) and city authorities in Bengaluru (BBMP/DULT), Mumbai (BMC/MMRDA) and New Delhi (NDMC) for both parking and charging infrastructure.
Yulu is also forming a new entity, Yulu Energy, with Magna to create nation-wide battery charging and swapping infrastructure to cater to the demand from Yulu as well as vehicles made by other manufacturers. This infrastructure is expected to reduce the upfront cost of buying EVs and will accelerate the adoption of electric mobility in India.
Also see:
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