The startup will use the funds to scale its mobility & battery-swapping businesses. Yulu said it will also use the funding to increase its two-wheeler electric vehicle (EV) fleet to more than 1 lakh electric and 500 plus battery charging and swapping stations in the next 12 months.
Electric mobility startup Yulu said on Monday it has raised $82 million (Rs 653 crore) in funding led by US-based Magna International Inc., with existing investors such as Bajaj Auto Limited also participating
The startup will use the funds to scale its mobility & battery-swapping businesses. Yulu said it will also use the funding to increase its two-wheeler electric vehicle (EV) fleet to more than 1 lakh electric and 500 plus battery charging and swapping stations in the next 12 months.
“We see a 100 times growth opportunity for Yulu in both the battery-as-a-mobility (BaaS) and mobility-as-a-service (MaaS) businesses in the next three-four years. Our focus will be to establish a robust and agile supply chain and scale up our operations. We will go deeper in our existing markets and explore new areas” said Amit Gupta, co-founder & CEO of Yulu (Bikes Pvt Ltd).
Yulu has had strategic partnerships with two-wheeler manufacturer Bajaj Auto Ltd 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 2022 end.
Writer- Ayush Singh
