Electric mobility startup Yulu raises $82 million in Series B funding
Sep 12, 2022, 10:29 IST
- The latest funding round is led by US-based Magna International, with existing investors including Bajaj Auto also participating in the round.
- Yulu is one of India’s battery swapping (Battery-as-a-Service) platforms.
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- The funds will be used to scale up its fleet and battery swapping network capacity by 10X each in the next 12 months.
- Yulu’s next generation of electric 2 wheelers will roll out of Bajaj’s Pune facility by end of 2022.
Yulu offers electric mobility-as-a-service (MaaS) and battery-as-a-service (BaaS). The funds will be used to scale up its fleet, and battery swapping network capacity by 10 times each, in the next 12 months.
“We can clearly see a 100X growth opportunity for Yulu in both the BaaS and MaaS businesses in the next three-four years. We will go deeper and denser in our existing markets and explore new areas while delivering a great customer experience,” Amit Gupta, co-founder & CEO, Yulu (Bikes) said.
Yulu also aims to increase its EV fleet to more than one lakh electric 2-wheelers along with over 500 battery charging and swapping stations within the same timeframe.
Yulu is forming a new entity, Yulu Energy, with Magna to create nation-wide battery charging and swapping infrastructure. The entity is hoping to build a capacity of one million battery swaps per day, by 2030.
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Yulu said that its partnership with 2-wheeler manufacturer Bajaj Auto has aided its product design, technology platforms, engineering processes and manufacturing. They plan to roll out next-generation electric 2-Wheelers out of Bajaj’s Pune facility by this year-end.
The EV company also partnered with Bangalore Metro (BMRCL), Delhi Metro (DMRC) and city authorities in Bengaluru (BBMP/DULT), Mumbai (BMC/MMRDA) and New Delhi (NDMC) for parking and charging infrastructure.
Founded in 2017, Yulu is one of India’s largest shared EV mobility and battery swapping companies. It provides urban Mobility-as-a-Service (MaaS) in Bengaluru, Mumbai and Delhi-NCR.
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