Yulu, India’s largest shared electric two-wheeler mobility company, has on Friday announced the successful equity infusion of $19.25 million in its business.

The funds have been raised via further issuance of shares to Yulu’s existing strategic investors Magna and Bajaj Auto Ltd， Yulu said in a statement.

Over the last year, Yulu has seen a nearly five times leap in revenue.

The additional capital raised will enable Yulu to maintain its growth streak and will strengthen its market leadership as it expands in terms of vehicles, operational locations, and product and technology innovation to keep up with the rise in demand from users.

Amit Gupta, Co-founder and Chief Executive Officer of Yulu, said that the equity infusion will help the company fast-track its growth plans.

“Yulu has seen demand speeding up in the last couple of quarters. In particular, our shared electric vehicle (EV) services have transformed the urban delivery landscape by increasing the share of green deliveries while enabling livelihoods through disruptive product features, technology-powered operations, and a superior customer experience,

“We are delighted that our existing investors Bajaj and Magna, among others, share our excitement and optimism and have stepped up their investments to power this growth spurt,” he added.

Amit also confirmed that Yulu is on track to raise its Series C round of funding soon.

“Yulu will continue to strengthen its leadership in the mobility-as-a-service (MaaS) segment by deepening existing business lines and opening up new use cases and
geographies,

“Hence, we will look to raise additional funds to power our growth. We are gratified to see a lot of inbound interest from institutional investors and will raise additional capital later this year,” he said.

Rakesh Sharma, Executive Director of Bajaj Auto, said that Bajaj and Yulu enjoy a strategic partnership and our role extends to beyond being a financial investor.

“We see very good potential in the space of shared and last mile mobility. Hence, together we continue to leverage our combined expertise in consumer knowledge, technology, and
manufacturing to build a class-leading business in this space,

“We are supportive of Yulu’s plans and the current investment is an outcome of the shared vision and strategy to realize it,” he added.

Matteo Del Sorbo, Executive Vice President of Magna International and Global Lead of Magna New Mobility, said that Yulu’s journey showcases the vital role played by green mobility solutions in the emerging markets context.

“In addition to being better for the planet, technology-led solutions for electric mobility and clean energy transform the way people move, work, and earn their livelihoods,

“In a short time, Yulu and Yuma have created a strong impact on both people and the planet and we believe that the future will see them transforming millions more lives for the better,” he added.

Yulu was founded in 2017 to make urban commuting clean, inclusive, and sustainable.

The firm provides urban MaaS in Bengaluru, Mumbai, Navi Mumbai, Delhi and Gurugram.

It is supported by one of India’s largest AI-powered battery-as-a-service (BaaS) platforms, Yuma Energy, as its associate, to provide practically unlimited range to its users.

Since its inception, Yulu has addressed the first- and last-mile mobility needs of over four million users.

It currently runs 30,000 EVs and and has prevented 20+ million kilogrammes of carbon dioxide emissions.

Yulu also works with leading delivery and logistics companies to unlock sustainable mobility options for their delivery partners, while simultaneously enhancing the latter’s earnings through its technologically advanced and affordable EVs that guarantee high availability and uptime for end-users.

Its EVs have enabled over 450 million kilometres of green rides and 80 million green deliveries to date.

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