Yulu Bikes, a prominent shared mobility services provider, has successfully raised $19.25 million in funding from its existing investors, Magna and Bajaj Auto. The strategic partnership with Bajaj Auto focuses on electric vehicle development.
The fresh capital infusion is earmarked for launching a new product, expanding operations, and advancing technological capabilities. Yulu, a leading player in shared electric two-wheeler mobility, has experienced substantial demand growth, particularly in Gurugram and Mumbai, prompting the need for additional capital to expedite expansion plans.
Background on Yulu:
Yulu, recognized for its shared electric two-wheeler mobility solutions, has secured a significant equity injection of $19.25 million from strategic investors Magna and Bajaj Auto.
Over the past year, Yulu has witnessed nearly a 5x increase in revenue, establishing itself as a key player in the urban mobility landscape. The new funds aim to sustain this growth trajectory, fortify market leadership, and cater to the rising demand for shared electric mobility.
The investment comes as a result of Yulu’s strategic partnership with Bajaj Auto, extending beyond mere financial support. With an increasing focus on shared and last-mile mobility, Bajaj and Yulu leverage their combined expertise in consumer knowledge, technology, and manufacturing to build a leading business in this space.
Yulu’s existing investors, including Bajaj and Magna, have shown confidence in the company’s vision and strategy, contributing to this investment round.
Comments from Key Stakeholders:
- Amit Gupta, Co-founder & CEO of Yulu: Acknowledged the surge in demand for shared EV services, emphasizing their transformative impact on urban delivery. Expresses gratitude for the continued support and optimism from existing investors, signaling growth acceleration.
- Rakesh Sharma, Executive Director – Bajaj Auto: Highlights the strategic partnership with Yulu and the shared vision in the shared and last-mile mobility space. The investment reflects the commitment to realizing this vision through collaboration and expertise.
- Matteo Del Sorbo, Executive Vice President, Magna International: Stresses the positive impact of technology-led solutions in electric mobility and clean energy. Believes Yulu has created a significant impact on both people and the planet, with the potential to transform millions more lives positively.
Yulu, on track to raise its Series C funding round, remains committed to strengthening its leadership in the mobility-as-a-service (MaaS) segment.
The company aims to deepen existing business lines, explore new use cases and geographies, and raise additional capital to fuel growth. Yulu has already addressed the first- and last-mile mobility needs of over 4 million users and currently operates 30,000 EVs across multiple cities, contributing to significant CO2 emissions reduction.
Conclusion and Impact:
The substantial investment from Magna and Bajaj Auto positions Yulu for an accelerated growth phase, enabling the company to meet the rising demand for shared electric mobility.
The strategic partnerships underscore the collaborative efforts to advance the shared and last-mile mobility landscape, emphasizing technology-driven solutions for a sustainable future. As Yulu expands its footprint and introduces new products, it reinforces its commitment to providing efficient, eco-friendly mobility solutions that contribute to a greener and more connected urban environment.
