Yulu, 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 Magna International.

Yulu’s strategic partner Bajaj Auto also participated in the funding round.

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.

The company will form a new entity with Magna to create a BaaS platform with an interoperable battery system.

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.”

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.”

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.

In 2020, Yulu announced that Rocketship.VC invested ₹300 million (~$3.95 million) in the company.

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.