Electric mobility startup Yulu raised Northern Arc led Rs 25 Cr Debt funding
Yulu, an electric mobility startup, has obtained a debt of Rs 25 crore from Northern Arc Capital, a non-banking financial company located in Chennai.
According to a document obtained from the Registrar of Companies, Yulu Bikes’ board has approved a special resolution to issue 250 non-convertible debentures at an issue price of Rs 1,00,000 apiece in order to raise Rs 25 crore.
In a Series B funding round headed by US-based Magna International, Yulu raised $82 million in equity funding in September 2022.
With its electric bike and network of EV charging and battery swapping stations, Yulu provides last-mile connectivity. Urban Mobility-as-a-Service (MaaS) is offered in Delhi-NCR, Mumbai, and Bengaluru.
To date, Yuma—a joint venture between Yulu and Magna, a Canadian automotive supplier—has completed more than 6.5 million swaps.
Yulu and Bajaj Auto, an Indian two-wheeler manufacturer, have a strategic partnership. Over time, the two companies have worked together on product design, engineering processes, technology platforms, and manufacturing.
In FY23, Yulu reported operating revenue of Rs 41.74 crore, compared to a loss of Rs 94.88 crore in the previous fiscal year.
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