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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>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/staff/" class="vcard author" rel="author"><span class="fn">Staff</span></a></div><div class="saboxplugin-desc"><div itemprop="description"></div></div><div class="clearfix"></div></div></div>

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


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					</table><p><a href="https://www.yulu.bike/" target="_blank" rel="noopener">Yulu</a>, a Bengaluru-based shared electric mobility-as-a-service (MaaS) and battery-as-a-service (BaaS) provider, has secured equity funding of ₹6.5 billion ($82 million) in a Series-B funding round led by U.S.-based mobility technology company <a href="https://www.magna.com/" target="_blank" rel="noopener">Magna International</a>.</p>
<p>Yulu’s strategic partner Bajaj Auto also participated in the funding round.</p>
<p>Yulu said the funds would be used to strengthen product and technology innovation. It will also use the funds to increase the fleet of electric vehicles (EV) to over 100,000 electric two-wheelers and more than 500 battery charging and swapping stations in a year.</p>
<p>The company will form a new entity with Magna to create a BaaS platform with an interoperable battery system.</p>
<p>Yulu’s Co-founder and CEO Amit Gupta said, “We can clearly see a 100X growth opportunity for Yulu in both MaaS and BaaS businesses in the next three-four years. As the market leader in e-mobility, our focus will now be to establish a robust and agile supply chain and scale up our operations. We will go deeper and denser in our existing markets and explore new areas while delivering a great customer experience.”</p>
<p>Executive Vice President of Magna International and Global Lead of Magna New Mobility Matteo Del Sorbo said, “This is an incredibly exciting time for us to contribute to a sustainable future in urban mobility through the investment in Yulu. Micromobility presents a great opportunity for additional growth, and joining forces with Yulu helps us expand our business into this rapidly growing sector.”</p>
<p>Bajaj Auto is the strategic partner of Yulu, and the two companies have collaborated on product design, technology platforms, engineering processes, and manufacturing. Yulu’s next generation e-two-wheelers will roll out of Bajaj’s Pune facility by the end of the current year, as per the statement.</p>
<p>In 2020, Yulu <a href="https://mercomindia.com/yulu-raises-from-rocketshipvc/" target="_blank" rel="noopener">announced</a> that Rocketship.VC invested ₹300 million (~$3.95 million) in the company.</p>
<p>Speaking to Mercom on the Budget expectations for 2022, Gupta had said that the two-wheeler EV MaaS makes a lot of sense for India as a country with crowded cities and limited infrastructure. The problem of road congestion can be solved with only ‘one-to-many solutions’ like shared mobility.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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Yulu Raises $82 Million Equity Funding to Ramp Up Mobility, Battery Swapping Businesses

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