Wednesday, April 17, 2024
HomeTrendingYulu raises $82 million in Series B funding

Yulu raises $82 million in Series B funding

Yulu is one of India’s largest shared EV mobility and battery swapping companies which was founded in 2017. It provides urban Mobility-as-a-Service (MaaS) in Bengaluru, Mumbai, and Delhi-NCR.

On the battery-swapping side, Magna and Yulu will be setting up a new company that has a placeholder name of Yulu Energy. Under this company, Yulu and Magna plan to leverage the shared mobility company’s existing battery-swapping and charging network and open it to other companies and the public.

Electric mobility startup Yulu which offers small electric two-wheeler for rent, today raised $82 million (₹653 crores) in Series B funding, led by a mobility technology company, Magna International. Existing investors, including Bajaj Auto, also participated in the funding round, which saw automotive parts major Magna pump in $77 million.

Yulu aims to increase the EV fleet to more than one lakh electric two-wheelers along with over 500 battery charging stations and swapping stations within that one year which can be the reason for cash flow. Yulu Energy, a new entity of the company, create nationwide battery charging and swapping infrastructure to cater to the demands of vehicles and try to build the capacity of one million battery swaps per day, by 2030. The latest funding will be utilized to hire industry leaders to kick-start product and technology innovation. The Bengaluru-based startup will also be focused on increasing its ever-growing electronic vehicle (EV) fleet to more than 1L EV two-wheelers and charging stations by 2023.

Matteo Del Sorbo, Executive Vice President, Magna International, and Global Lead of Magna New Mobility said from Canada via videoconference, “This is an incredibly exciting time for Magna to contribute to a sustainable future in urban mobility through this investment in Yulu. Micro mobility presents a great opportunity for additional growth for Magna and joining forces with Yulu helps us expand our business into this rapidly growing sector”.

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.

Amit Gupta, co-founder & CEO, of Yulu (Bikes) Pvt Ltd, said, “We can 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 and welcome Magna onboard with the company’s shared vision to create a sustainable and scalable EV ecosystem in India and beyond. As the market leader in electric mobility, with a proven business model built on positive unit economics, our focus now will be to establish a robust and agile supply chain and scale up our operations.”

The company is looking to ramp up its rental fleet to over 100,000 two-wheelers from about 10,000 at present. For further capital requirements to reach that scale, the company will be raising debt, Gupta said. Yulu has tied up with Bajaj Auto for the manufacturing of these vehicles.

Yulu with the partnership with 2-wheeler manufacturer Bajaj Auto has aided its product design, technology platforms, engineering processes, and manufacturing. They are planning to roll out the next-generation electric two-wheelers out of Bajaj’s Pune facility by the end of the year.

EV company is in partnership with Bangalore Metro, Delhi Metro, and city authorities in Bengaluru, Mumbai, and New Delhi for parking and charging infrastructure on the road. The blue, single-seat two-wheelers have become common in Delhi, Bengaluru, and Mumbai.

What are considered green vehicles?

A green, clean, eco-friendly, or environmentally friendly vehicle is a road motor vehicle that produces less harmful impacts to the environment than comparable conventional internal combustion engine vehicles running on gasoline or diesel, or one that uses certain alternative fuels. It includes electric vehicles, hybrid vehicles, etc.

Yulu bike company tries to be the green vehicle in India and protect the environment and sustain natural resources.

Carbon Emission of YULU:

The motivation of Yulu company is net zero carbon emission to protect the environment safe. net-zero means reducing greenhouse gas emissions to as close to zero as possible. Any emission that remains, could then be re-absorbed from the atmosphere, like through oceans and forests. To mitigate the impact of these gasses, net-zero aims to reduce the total emissions through various means, like adopting cleaner mobility alternatives like Electric Vehicles (EVs). EVs replace the existing fossil fuel-powered mobility solutions which continue to degrade the environment. To achieve net zero, countries have also conceived technological innovations like Carbon Capture, Utilization, and Storage (CCUS) and the usage of green hydrogen. CCUS involves the capturing of CO2 from industrial and non-renewable energy processes and then transporting these gas either to be reused to create products or to be stored deep underground. one of the immediate and practical ways we can help achieve a net-zero future is to shift away from conventional modes of transportation. Instead of relying on traditional vehicles, we could switch to sustainable and shared mobility services like Yulu. For more such updates read here.







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