Yulu Raises $19.25M for E-Bike Expansion in India

E-bike expansion

30 lakh e-bikes in three years, that’s the India Yulu dreams of Yulu raises $19.25 mn from existing investors Bajaj Auto, Magna 3 million e-bikes in three years, that is the India Yulu dreams of

30 Lakh Yulu e-bikes in three years… That’s the India Yulu dreams of. Toward this goal, there are companies like Bajaj Auto and Magna International supporting Cuttack behind Yulu. The company has also recently received an investment of 160 crores to implement Yulu’s ideas.

Yulu EVs are already active in Bengaluru, Mumbai, Navi Mumbai, Delhi and Gurugram. Yulu has already distributed more than 30,000 e-bikes in major cities. More than 40 lakh people have used Yulu’s services many times. The company informs that Yulu scooters have crossed 2 crore kilometers in India.

“Beyond being an investor, Bajaj has a strategic partnership with Yulu. Yulu is a great solution to the problem of last mile mobility. Our customer knowledge, technology and manufacturing capabilities will help us build the best electric scooter for this segment. This investment is our support for Yulu’s future plans,” says Rakesh Sharma, Executive Director, Bajaj Auto.

In the future, Yulu will continue to promote the use of vehicles by leasing them for a fixed period of time instead of buying and using them in full. As part of this, Yulu CEO confirmed that the new investment will be used to expand the Mobility as a Service (MaaS) segment. Along with this, Yulu CEO and co-founder Amit Gupta said the investment in technology will be used to maximize the number of new electric scooters.

Yulu E bikes are manufactured at Bajaj Auto’s Chakan plant. Yulu also has a strategic partnership with Yuma Energy in the Battery as a Service (BaaS) sector. Yulu has also partnered with logistics companies Septo, Swiggy and Zomato. There are also plans to use Yulu scooters extensively for e-commerce deliveries. Yulu aims to bring 50 lakh electric scooters to the Indian market within five years.

Summary:

Auto News, Yulu raises $19.25 mn from existing investors Bajaj Auto, Magna