What is Yulu Bike?
Yulu is an Indian technology-driven electric micromobility platform headquartered in Bengaluru. It provides shared low-speed two-wheeler electric vehicle (EV) services in several Indian cities including Bengaluru, Mumbai, Navi Mumbai, Delhi, and Gurugram. Yulu operates 25,000 dockless shared EVs and has four million users. Its EVs are used for 280,000 last-mile deliveries and 10,000 commutes each day. Yulu also operates a battery-as-a-service (BaaS) business, Yuma Energy, which supports Yulu riders with battery swaps through its network of stations.
Yulu Secures $19.25 Million in Funding from Existing Investors Magna and Bajaj Auto
Yulu, one of India’s largest shared electric two-wheeler mobility companies, has successfully secured $19.25 million in funding from its existing strategic investors, Magna and Bajaj Auto. This equity infusion is a significant milestone for Yulu as it seeks to maintain its growth streak and strengthen its market leadership.
In Short:
- Yulu, a shared electric two-wheeler mobility company, has raised $19.25 million from existing investors Magna and Bajaj Auto.
- The funds will be used for expansion, new product launches, and technological advancements.
- Yulu plans to raise its Series C funding this year to strengthen the mobility-as-a-service segment.