Bengaluru-based shared electric mobility company Yulu has secured $19.25 million in an equity round from returning investors Bajaj Auto Limited and Canadian auto-parts manufacturer Magna. This funding is part of the continuation of its Series B round, following previous investments totaling $82 million in 2022 from the same set of investors, along with $9.1 million in debt from US International Development Finance Corporation (DFC).
The fresh capital infusion will be utilized by Yulu to strengthen its market leadership, expand the number of vehicles, operational locations, and support product and technology innovation initiatives.
Amit Gupta, Co-founder and CEO of Yulu, expressed that the company has witnessed an acceleration in demand over the last few quarters, particularly in shared EV services. He emphasized Yulu’s commitment to transforming the urban delivery landscape, enhancing green deliveries, and empowering livelihoods through disruptive product features, technology-powered operations, and superior customer experiences.
Gupta further mentioned that Yulu is on track to raise a Series C round of funding and is exploring new use cases and geographical expansion opportunities.
Established in 2017 by Amit Gupta, RK Misra, Naveen Dachuri, and Anuj Tweari, Yulu currently operates 30,000 electric vehicles across Bengaluru, Mumbai, Navi Mumbai, Delhi, and Gurugram. In February 2023, Yulu, in collaboration with Magna, introduced the battery swapping network Yuma Energy as a joint venture. Yuma offers Battery-as-a-Service to Yulu’s own fleet and other OEMs.
Rakesh Sharma, Executive Director – Bajaj Auto, highlighted the strategic partnership between Bajaj and Yulu, extending beyond financial investment. He emphasized the immense potential in shared and last-mile mobility and emphasized leveraging combined expertise in consumer knowledge, technology, and manufacturing to establish a leading business in this sector.
The latest funding round brings Yulu’s total funding raised to approximately $124.5 million, as per market research and data platform Tracxn. Yulu’s valuation stood at $182 million as of September 2022. Despite reporting a 40% increase in revenue for FY23 compared to the previous year, reaching Rs 42.8 crore, the company witnessed widened losses amounting to Rs 95 crore due to increased operational expenses.
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