Yulu Raised $125 Million in Fresh Funding
Yulu, India’s leading shared electric two-wheeler mobility company, has successfully secured $19.25 million in funding from its existing strategic investors, Magna and Bajaj Auto. This significant capital infusion will enable Yulu to maintain its growth streak and strengthen its market leadership.
The funds will be used to enhance operational locations and drive product and technology innovation. Yulu aims to bolster its fleet, expand its operational footprints, and meet the escalating demand from consumers. The company also plans to launch a new vehicle customized for e-commerce deliveries. This capital infusion will facilitate fleet expansion, operational enhancements, and innovations in products and technology, thereby accelerating Yulu’s growth strategies.
In terms of expansion, Yulu has witnessed significant demand growth, particularly in Gurugram and Mumbai, prompting the need for additional capital to accelerate expansion plans. The company plans to introduce a new vehicle customized for e-commerce deliveries and expand operations to five more metros in 2024.
The investment benefits Bajaj Auto and Magna as they see very good potential in the space of shared and last-mile mobility. Apart from being financial investors, they share a strategic partnership with Yulu for electric vehicle development.
Navigating the competitive landscape, Yulu has grown to become a movement because it is solving the complex problem of first and last-mile connectivity while also helping alleviate the challenges of congestion and air pollution. With its unique pay-per-use model and user-friendly app, Yulu has managed to carve a niche for itself in the urban mobility market.
In conclusion, this investment marks a significant step forward for Yulu as it continues to revolutionize the urban delivery landscape. With the support of its strategic partners, Yulu is well-positioned to build a class-leading business in the shared and last-mile mobility space.
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.