Yulu, India’s largest shared micro-mobility service provider has secured $19.25 million in Equity Funding from existing investors Magna International & Bajaj Auto Ltd.
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The funds will be utilized for technological development, outreach, and the introduction of a new product. The company’s expansion goals will accelerate thanks to the stock investment. By year’s end, the company plans to bring on partners in ten locations, who will get vehicles, technological stacks, and operating instructions on a revenue-sharing model. Larger cities (based on population) will see direct service offerings from Yulu.
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Amit Gupta, Co-founder & CEO of Yulu,said, “Yulu has seen demand speeding up in the last couple of quarters. In particular, our shared EV services have transformed the urban delivery landscape by increasing the share of green deliveries while enabling livelihoods through disruptive product features, technology-powered operations, and a superior customer experience. We are delighted that our existing investors Bajaj and Magna, among others, share our excitement and optimism and have stepped up their investments to power this growth spurt.”
“Bajaj and Yulu enjoy a strategic partnership and our role extends to beyond being a financial investor,” said Rakesh Sharma, executive director of Bajaj Auto. “We see very good potential in the space of shared and last-mile mobility. Hence, together we continue to leverage our combined expertise in consumer knowledge, technology, and manufacturing to build a class-leading business in this space. We are supportive of Yulu’s plans and the current investment is an outcome of the shared vision and strategy to realise it.”
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About Yulu
Founded in 2017 by Amit Gupta, RK Misra, Naveen Dachuri and Anuj Tewari, Yulu is India’s largest shared micro-mobility service provider using electric two-wheelers to reduce traffic congestion and air pollution in urban India. It’s service is actively used for the last-mile commute as well as last-mile deliveries, making a real impact on India’s goal of electrifying its mobility by 2030.
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