Electric vehicle startup Yulu has raised INR 25.7 crore in Series B funding from Magna International, a Canadian company that makes auto parts.
According to a filing with the Registrar of Companies, Yulu’s board has approved giving out 1,826 Series B3 preference shares to existing investors. Each share is priced at ₹1,41,226.34, even though its basic value is INR 100.
Magna’s latest investment comes after it joined a INR 160 crore funding round in February this year, along with Yulu’s existing investor, Bajaj Auto.
This funding is important for Yulu, as demand for its electric two-wheelers is growing quickly. This is mainly because more people are using quick commerce and hyperlocal delivery services.
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Bengaluru-based Yulu, known for its blue bikes called Yulu Miracles, now earns most of its money from Yulu DeX — a service designed specifically for gig workers, such as delivery partners.
This strong match between the product and market has boosted Yulu’s business. In FY24, the company, backed by Bajaj Auto, saw its revenue from operations grow by 188%, reaching INR 119.9 crore.
However, Yulu’s expenses also increased during the same period, resulting in a 51% rise in total losses. The company reported a loss of INR 142.8 crore.
When Yulu announced its FY24 results, it shared plans to double the number of its electric vehicles on the road to 1,00,000 by the end of this year.
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