Electric two-wheeler startup Yulu raised $19.25 M from Magna, Bajaj Auto
The electric two-wheeler startup Yulu has raised $19.25 million (roughly Rs 160 crore) in equity funding from Magna and Bajaj Auto Ltd., two current investors.
According to a press release from the company, Yulu will be able to continue its upward trajectory and consolidate its market leadership as it grows in terms of automobiles, operational locations, and innovative products and technologies.
In a Series B funding round headed by US-based Magna International, Yulu raised $82 million in equity funding in September 2022. In January of this year, the company also raised $3 million in debt financing. To date, the startup has raised over $130 million.
Yulu, a six-year-old company, provides last-mile connectivity via its network of EV charging stations and battery swapping electric bikes. 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.
Amit Gupta, co-founder and CEO of Yulu, also stated that the company is expected to raise its Series C round in the near future.
“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 in a statement.
As per the reports, Yulu’s operating revenue in FY23 was Rs 41.74 crore, compared to Rs 29 crore for FY22. Furthermore, its losses increased from Rs 55 crore to Rs 95 crore during that time frame. Over the previous five years, revenue has increased by almost five times, according to Yulu.
Zypp Electric, Bounce, Ebikego, and other companies are competitors of the company.
