Electrical mobility startup Yulu raises $82 million in Collection B funding

  • The most recent funding spherical is led by US-based Magna Worldwide, with current buyers together with Bajaj Auto additionally taking part within the spherical.
  • Yulu is one in all India’s battery swapping (Battery-as-a-Service) platforms.
  • The funds can be used to scale up its fleet and battery swapping community capability by 10X every within the subsequent 12 months.
  • Yulu’s subsequent technology of electrical 2 wheelers will roll out of Bajaj’s Pune facility by finish of 2022.

Electrical mobility startup Yulu right now raised $82 million (₹653 crore) in a Collection B funding spherical, led by mobility know-how firm, Magna Worldwide. Bajaj Auto, who’s an current investor, additionally participated within the spherical.

Yulu presents electrical mobility-as-a-service (MaaS) and battery-as-a-service (BaaS). The funds can be used to scale up its fleet, and battery swapping community capability by 10 occasions every, within the subsequent 12 months.

“We are able to clearly see a 100X progress alternative for Yulu in each the BaaS and MaaS companies within the subsequent three-four years. We are going to go deeper and denser in our current markets and discover new areas whereas delivering an ideal buyer expertise,” Amit Gupta, co-founder & CEO, Yulu (Bikes) stated.

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Yulu additionally goals to extend its EV fleet to multiple lakh electrical 2-wheelers together with over 500 battery charging and swapping stations throughout the similar timeframe.

Yulu is forming a brand new entity, Yulu Power, with Magna to create nation-wide battery charging and swapping infrastructure. The entity is hoping to construct a capability of 1 million battery swaps per day, by 2030.

“Micromobility presents an ideal alternative for added progress for Magna, and becoming a member of forces with Yulu helps us increase our enterprise into this quickly rising sector,” Matteo Del Sorbo, government VP, Magna Worldwide stated.

Yulu stated that its partnership with 2-wheeler producer Bajaj Auto has aided its product design, know-how platforms, engineering processes and manufacturing. They plan to roll out next-generation electrical 2-Wheelers out of Bajaj’s Pune facility by this year-end.

The EV firm additionally partnered with Bangalore Metro (BMRCL), Delhi Metro (DMRC) and metropolis authorities in Bengaluru (BBMP/DULT), Mumbai (BMC/MMRDA) and New Delhi (NDMC) for parking and charging infrastructure.

Based in 2017, Yulu is one in all India’s largest shared EV mobility and battery swapping firms. It offers city Mobility-as-a-Service (MaaS) in Bengaluru, Mumbai and Delhi-NCR.

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