Electric Mobility Startup Yulu to raise $100 million to expand business model 

Yulu, largest shared electric mobility platform, aiming at raising $100 million to expand business model, has achieved more than 3 million battery swaps becoming India’s Largest battery as a service operator. 

Famous electric two-wheeler company, Bengaluru-based Startup, has planned to raise $100 million for expanding its business model and reaching out to the growing Last Mile Mobility Segment. 

Yulu’s mission is to make urban mobility in India “seamless, sharable, and sustainable”. 

It has also achieved more than 3 million battery swaps and has earned the title of India’s largest Battery as a service operator. It has plans for expanding its fleet from 10000 to 1 lakh by the end of this year. 

“Completing 3 million swaps as India’s largest Battery-as-a-Service (BaaS) is a great milestone, and in a way, it’s just the start. As the largest player in shared EV mobility, Yulu has always thought of mobility and energy together, and hence has focused on building both of these in tandem, right from the start,” Amit Gupta, CEO & co-founder, Yulu, said.

The company is backed by leading investors like Bajaj Auto, Blume, 3One4, WaveMaker, and Rocketship, and has so far raised $30 million in equity capital. The company is growing enormously and has transformed the mobility service in India. It is the largest shared electric mobility platform in India. 

“All the tailwinds lead it to usage – policies, the adoption, which is primarily led by the food delivery and grocery companies will drive the growth,” Gupta said.

It is aiming three million battery swaps a month by the end of the year with an expanded fleet and expansion to new cities. The company will also unveil a novel range of Two-wheelers, for personal and last-mile mobility. 

Yulu – a startup for change

The startup initially aimed at reducing traffic congestion and pollution in urban cities, and therefore, it uses Micro Mobility Vehicles (MMVs) which can be accessed through a user-friendly mobile application. 

The organization is led by a passionate team of dedicated individuals, with Amit Gupta, the Chief Executive Officer (CEO) at the helm of the affairs. Before Yulu, Gupta had built InMobi, India’s first profitable Internet Unicorn. A graduate of IIT Kanpur, he invests actively in multiple startups across India. 

The team also comprises R.K. Misra (President, Ecosystem Partnerships), Naveen Dachuri (Chief Technological Officer), and Hemant Gupta (Chief of Operations). 

The startup has become a movement solving the problem of first and last-mile connectivity while staying true to its initial goal of reducing traffic congestion and pollution. 

Green Growth is the way for Yulu 

Driven by providing accessibility, availability, and affordability, Yulu further claims that green growth in mobility is the way to reduce carbon emissions, and alternate modes of transport like Electronic Vehicles need to be focussed to achieve Sustainable Development Goals 2030 and Net Zero Carbon Emissions. 

India is one of the largest fossil fuels importers, and the burning of fossil fuels is the major cause of global warming and climate change. It has been agreed at international summits to keep the warming below 1.5 degrees. The Government of India has alleged at the recent COP 26 Summit that it will achieve net-zero submissions by 2070. 

To aid the Government in achieving this, the most efficient way to make an impact and reduce your carbon footprint is to switch the way you commute, and to promote the growth of EV industry. 

However, as per Gupta, there are some hurdles in the growth of the EV industry, like restrained access to finance, limited ecosystem growth, and non-inclusive policies for EVs, which need to be resolved by the Government of India.