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					</table><p>Bengaluru-based shared electric two-wheeler company <a href="https://www.yulu.bike/" target="_blank" rel="noopener">Yulu</a> has raised ₹1.6 billion ($19.25 million) in equity funding from existing investors <a href="https://www.bajajauto.com/" target="_blank" rel="noopener">Bajaj Auto</a> and <a href="https://www.magna.com/" target="_blank" rel="noopener">Magna International</a>.</p>
<p>The company will use these funds to scale up vehicles, operational locations, product and technology innovation, and strengthen market leadership to meet the user demand. Over the last year, the company said it has experienced a 5x growth in its revenue due to the increasing demand for shared mobility.</p>
<p>Operational since 2017, the company operates a fleet of 30,000 electric vehicles (EV) deployed across Bengaluru, Mumbai, Navi Mumbai, Delhi and Gurugram, addressing first and last-mile mobility needs and reducing carbon emissions.</p>
<p>Yulu also expects to raise its series C funding later this year. “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,” said Amit Gupta, co-founder and CEO of Yulu.</p>
<p>“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,” said Rakesh Sharma, executive director of Bajaj Auto.</p>
<p>In September 2022, the company <a href="https://www.mercomindia.com/yulu-82-million-equity-funding-mobility-battery-swapping" target="_blank" rel="noopener">raised</a> equity funding of ₹6.5 billion ($82 million) in a Series-B funding round led by Magna International. Bajaj Auto also participated in the funding round.</p>
<p>To accelerate the adoption of EVs in the country, the union government recently <a href="https://mercomindia.com/fame-ii-budgetary-vehicles-increased-by-million#:~:text=The%20Ministry%20of%20Heavy%20Industries,India's%20transition%20to%20clean%20mobility." target="_blank" rel="noopener">increased</a> the outlay of the Faster Adoption and Manufacturing of Hybrid &amp; Electric Vehicles (FAME-II) program by $180.7 million.</p>
<p>Last year, the sale of EVs <a href="https://mercomindia.com/electric-vehicle-sales-2023#:~:text=Electric%20vehicle%20(EV)%20sales%20in,Highways%20through%20its%20Vahan%20Dashboard." target="_blank" rel="noopener">registered</a> a record high of 1.53 million units, a 50% year-over-year increase from 2022. EV sales accounted for nearly 6.4% of the overall automobiles sold in the country.</p>


Yulu Raises ₹1.6 Billion to Meet Increased Demand in Shared E-Mobility


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					</table><p>Natural gas company Mahanagar Gas Limited (<a href="https://www.mahanagargas.com/" target="_blank" rel="noopener">MGL</a>) has announced the acquisition of 30.97% shareholding in <a href="https://3evi.com/" target="_blank" rel="noopener">3ev Industries</a>, a three-wheeler electric vehicle (EV) manufacturer, for ₹960 million (~$11.56 million).</p>
<p>The equity infusion, which is a part of the share subscription agreement between the companies, will be made in tranches, with the first tranche expected before the end of this month.</p>
<p>3ev is an EV original equipment manufacturer, which is based out of Bengaluru, offers end-to-end micro-mobility solutions, including hyperlocal services such as small-parcel deliveries and freight.</p>
<p>The company aims to utilize the transaction proceeds to scale up production capacity to meet the increasing demand, support R&amp;D projects, and further develop aftermarket services such as Battery-as-a-Service (BaaS).</p>
<p>The company’s net worth at the time of investment stood at ₹115 million (~$1.38 million), and the average annual turnover as of the financial year 2022-23 was ₹196.8 million (~$2.37 million).</p>
<p>CRISIL was the transaction advisor to MGL, and HDFC Bank was the transaction advisor to 3ev.</p>
<p>“There are substantial synergies between MGL and our growing business as an EV technology platform, not only through the accelerated adoption of EVs but critically in the emerging battery ecosystem, including 3ev’s proprietary BaaS model. With MGL’s valuable support, we see many opportunities to rapidly increase the penetration and commercialization of EVs in India and beyond,” said  Peter Voelkner, Managing Director of 3ev.</p>
<p>MGL is currently strengthening its core sector business while simultaneously positioning itself in emerging sectors. The company said this investment will further supplement the company’s presence in the energy value chain. “MGL can facilitate setting up of charging or swapping facilities, which can help 3ev expand its business through assured charging infrastructure to its customers,” said Ashu Singhal, Managing Director at MGL.</p>
<p>The transaction is subject to the fulfillment of terms and conditions specified by the companies, Mahanagar mentioned in a circular apprising the National Stock Exchange of the transaction.</p>
<p>This comes three years after MGL <a href="https://www.mercomindia.com/tata-mgl-collaborate-solar-ev-charging" target="_blank" rel="noopener">collaborated</a> with Tata Power to explore the e-mobility segment and other value-added services of mutual interest, such as solar rooftop installations.</p>
<p>Recently, the Ministry of Heavy Industries <a href="https://www.mercomindia.com/fame-ii-budgetary-vehicles-increased-by-million" target="_blank" rel="noopener">enhanced</a> the budgetary outlay of the Faster Adoption and Manufacturing of Hybrid &amp; Electric Vehicles (FAME-II) program from ₹100 billion (~$1.20 billion) to ₹115 billion (~$1.38 billion) to encourage India’s transition to clean mobility.</p>


Mahanagar Gas Forays into EV Sector with ₹960 Million Investment in 3ev

<p>The Cabinet Committee on Economic Affairs has approved the equity infusion of ₹15 billion (~$201.27 million) in the Indian Renewable Energy Development Agency (<a href="https://www.ireda.in/home" target="_blank" rel="noopener">IREDA</a>).</p>
<p>This fresh equity injection is expected to help generate approximately 10,200 jobs per year and reduce about 7.49 million tons of CO2 equivalent emissions per year.</p>
<p>The additional equity infusion will help IREDA lend ₹120 billion (~$1.61 billion) to the renewable energy sector, thus facilitating the debt requirement for an additional capacity of approximately 3,500-4,000 MW.</p>
<p>It will help the agency enhance its net worth, which will help in additional renewable energy financing.</p>
<p>Also, it will enable IREDA to improve the capital-to-risk weighted assets ratio (CRAR) to facilitate its lending and borrowing operations. Higher CRAR indicates better capitalization.</p>
<p>IREDA <a href="https://mercomindia.com/ireda-ipo-green-bonds-bids-asset-valuation/" target="_blank" rel="noopener">plans</a> to float an initial public offering (IPO) and issue green bonds in domestic and international markets to mobilize capital for lending. IREDA also plans to set up an alternate investment fund (AIF) to tap large institutional investors like debt funds, pension funds, insurance funds, and environmental, social, and governance (ESG) funds.</p>
<p>IREDA had <a href="https://mercomindia.com/ireda-record-61-yoy-after-tax-profits-fy-2020-21/" target="_blank" rel="noopener">posted</a> a profit after tax of ₹3.46 billion (~$47.75 million) in FY 2021 against ₹2.1 billion (~$29.67 million) in FY 2020, registering a massive growth of 61%. IREDA had earned ₹274.1 million (~$3.77 million) as revenue from solar sector operations in FY 2020-21.</p>
<p>The financial institution spearheading the government&#8217;s initiative to expand renewable energy generation and component manufacturing has <a href="https://mercomindia.com/daily-news-wrap-up-renewables-ireda/" target="_blank" rel="noopener">signed </a>a memorandum of understanding with the Ministry of New and Renewable Energy to set key targets for 2020-21. For IREDA, the Government of India had set a revenue target of ₹24.06 billion (~$323.39 million) for FY 2020-21. Against this target, IREDA <a href="https://mercomindia.com/ireda-record-61-yoy-after-tax-profits-fy-2020-21/" target="_blank" rel="noopener">posted</a> total revenue of ₹26.13 billion (~$360.12 million) in FY 2020-21.</p>
<p>The loan book of IREDA has grown from ₹235.48 billion (~$3.24 billion) as of March 31, 2020, to ₹278.54 billion (~$3.83 billion) as of March 31, 2021. The loan disbursement of ₹88.27 billion (~$1.21 billion) is the second-highest in the company&#8217;s history.</p>
<p>IREDA is also responsible for the 5 GW of grid-connected solar projects under the Central Public Sector Undertaking Program. The auction for these projects was <a href="https://mercomindia.com/ntpc-sjvn-nhpc-nlc-ircon-win-iredas-5-gw-cpsu-auction/" target="_blank" rel="noopener">concluded</a> in September 2021.</p>
<p>IREDA is also implementing the program for setting up manufacturing capacities of vertically integrated high-efficiency solar modules under the production-linked incentive (PLI) program. In the auction, IREDA <a href="https://mercomindia.com/jindal-shirdi-sai-reliance-win-iredas-module-pli-auction/" target="_blank" rel="noopener">announced</a> PLI totaling ₹44.50 billion (~$597.98 million) for a total capacity of 10,483 MW.</p>


Center Infuses ₹15 Billion in IREDA to Boost Lending to the Renewable Energy Sector

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