Yulu, India’s shared electric Mobility-as-a-Service (MaaS) and Battery-as-a-Service (BaaS) business, announced the infusion of $82 million (INR 653 Cr) in Series B funding round, led by US-based mobility technology company, Magna International Inc. With this round of funding, Yulu aims to increase its EV fleet to more than 1 Lakh Electric 2-Wheelers along with 500+ Battery charging & swapping stations in the next 12 months. Existing investors, including Bajaj Auto, also participated in the round.
Yulu has a strategic partnership with India’s leading 2-Wheeler manufacturer, Bajaj Auto Ltd. Over the years, Yulu & Bajaj have been collaborating on Product Design, Technology Platforms, Engineering Processes and Manufacturing. Yulu’s next generation of electric 2 Wheelers will roll out of Bajaj’s Pune facility by this year-end, a company statement said. Yulu will also create a new entity with Magna to create a Battery Swapping platform with an interoperable battery system.
The company also partnered with Bangalore Metro (BMRCL), Delhi Metro (DMRC) and city authorities in Bengaluru (BBMP/DULT), Mumbai (BMC/MMRDA) and New Delhi (NDMC) for parking and charging infrastructure.
Amit Gupta, Co-founder & CEO, Yulu (Bikes Pvt Ltd) said, “We can clearly see a 100X growth opportunity for Yulu in both the BaaS and MaaS businesses in the next three-four years. As the market leader in electric mobility, with a proven business model built on positive unit economics, our focus now will be to establish a robust and agile supply chain and scale-up our operations. We will go deeper & denser in our existing markets and explore new areas while delivering a great customer experience. We welcome Magna onboard with our shared vision to create a sustainable and scalable EV ecosystem in India and beyond.”
Matteo Del Sorbo, Executive Vice President, Magna International and Global Lead of Magna New Mobility, said “This is an incredibly exciting time for Magna to contribute to a sustainable future in urban mobility through this investment in Yulu. Micromobility presents a great opportunity for additional growth for Magna, and joining forces with Yulu helps us expand our business into this rapidly growing sector. “