Yulu, a shared mobility startup, has raised $82 million (Rs 653 crore) in a Series B funding round led by mobility technology company Magna International Inc.

The shared mobility startup will strengthen its leadership through product and technology innovation. It will increase its electronic vehicle (EV) fleet to more than 1 lakh electric two-wheelers along with over 500 battery charging and swapping stations in the next 12 months.

As per the startup, this business expansion will lead to Yulu generating free cash flow and laying the foundation for exponential growth.

Yulu | Shared Micro-mobility Service Provider

Founded by Amit Gupta, Hemant Gupta, Naveen Dachuri, and RK Misra in 2017, Yulu is India’s largest shared micro-mobility service provider using electric two-wheelers to reduce traffic congestion and air pollution in urban India.

Yulu is actively used for the last-mile commute as well as last-mile deliveries. The startup has also built successful partnerships with Delhi Metro, Bangalore Metro, and city authorities in Bengaluru (BBMP/DULT), Mumbai (BMC/MMRDA), and New Delhi (NDMC) for both parking and charging infrastructure.

Speaking about the development, Amit Gupta, Co-founder & CEO of Yulu Bikes Pvt Ltd, said,

“We can clearly see a 100X growth opportunity for Yulu in both the BaaS (Battery as a Service) and MaaS (Mobility as a Service) businesses in the next three-four years. As the market leader in electric mobility, with a proven business model built on positive unit economics, our focus now will be to establish a robust and agile supply chain and scale up our operations.”

Nationwide Battery Charging And Swapping Infrastructure

Yulu is forming a new entity, Yulu Energy, with Magna to create a nationwide battery charging and swapping infrastructure. This will cater to the demand for Yulu vehicles and vehicles made by other manufacturers. Additionally, the company believes that this infrastructure would reduce the upfront cost of buying EVs and accelerate the adoption of electric mobility in India.

The shared mobility startup has a strategic partnership with two-wheeler manufacturer Bajaj Auto Ltd. Over the years, Yulu and Bajaj have collaborated on product design, technology platforms, engineering processes, and manufacturing. Its next generation of electric two-wheelers will roll out of Bajaj’s Pune facility by this year-end.

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