On Friday, Yulu Bikes, an electric bike-sharing platform, announced that it has successfully raised USD 19.25 million (Rs 160 crore) in equity funding by issuing shares to its existing strategic investors, including Magna and Bajaj Auto Ltd.
The capital injection will empower Yulu to sustain its growth momentum and reinforce its market dominance as it expands its fleet, operational footprint, and invests in product and technology innovation to meet the escalating demand from users, the company stated.
On Thursday, Bajaj Auto revealed in a regulatory filing that it has increased its stake in Yulu Bike to 18.8 percent of the paid-up equity share capital through an additional investment of Rs 45.75 crore in the company.
The company boasts a nearly 5x surge in revenue over the past year and is poised to secure its Series C round of funding in the near future, Yulu added.
Amit Gupta, Co-founder & CEO of Yulu, stated that the equity infusion will accelerate the company’s growth plans. “Yulu has experienced a surge in demand over the past few quarters. Our shared EV services have notably revolutionized urban delivery, increasing the adoption of green deliveries while also supporting livelihoods,” he added.
Gupta emphasized that the company will reinforce its leadership in the mobility-as-a-service (MaaS) sector by expanding existing business lines and exploring new use cases and markets.
Rakesh Sharma, Executive Director at Bajaj Auto, highlighted the strategic partnership between Bajaj and Yulu, stating, “We view the shared and last-mile mobility space as having significant potential. Therefore, our collaboration goes beyond financial investment. We aim to leverage our combined expertise in consumer knowledge, technology, and manufacturing to develop a robust business in this domain.”
Matteo Del Sorbo, Executive Vice President of Magna International and Global Lead of Magna New Mobility, highlighted the significance of green mobility solutions in emerging markets through Yulu’s journey.
Currently, Yulu operates 30,000 electric vehicles (EVs) in Bengaluru, Mumbai, Navi Mumbai, Delhi, and Gurugram.
