Yulu Secure $82 million Equity Funding Led by Magna – EQ Mag Pro
Started by giving bicycles on rent, got funding of Rs 653 croreElectric mobility leader Yulu has secured equity funding of $82 million (Rs 653 crore) to grow its mobility and battery swapping business led by Magna International Inc. and Bajaj Auto Ltd.The demand for electric vehicles is increasing day by day in the world market. If we look at the market size of global electric mobility, it has crossed the figure of 230.
12 billion US dollars in 2020. Now the CAGR (compound annual growth rate) of 27.2% is expected to increase from US$ 279.45 billion in 2021 to US$ 1,507.21 billion in 2028. These figures have been revealed in a report by Fortune Business Insights.Yulu, a startup working in India’s shared electric mobility-as-a-service (MaaS) and battery-as-a-service (BaaS) sectors, has announced to raise $82 million (₹653 crore) in the Series B funding round.
Us-based mobility technology company Magna International Inc. led the round. Along with this, existing investor Bajaj Auto Limited also participated in this round.The latest funding will be used by startups to strengthen their product and technology innovation. Yulu will increase its EV fleet to over 1 lakh electric 2-wheelers with 500+ battery charging and swapping stations over the next 12 months.
Amit Gupta, co-founder and CEO of Yulu (Bikes Pvt Ltd), said, “We can see 100-fold growth opportunities for Yulu in both BaaS and MaaS businesses in the next three-four years. As a market leader in electric mobility, with proven business models, our focus will now be on establishing strong supply chains and growing our business. We will go deeper into our existing markets and explore new areas while delivering the best customer experience.
We welcome Magna with our shared vision to build a sustainable and scalable EV ecosystem in India and beyond.”Matteo del Sorbo, Executive Vice President of Magna International and Global Lead of Magna New Mobility, said, “It is an incredibly exciting time for Magna to contribute to a sustainable future in urban mobility through this investment in Ulu.
Micromobility presents a huge opportunity for Magna for additional growth, and engaging with Yulu helps us expand our business in this fast-growing region.”Yulu has a successful strategic partnership with India’s leading 2-wheeler manufacturer, Bajaj Auto Ltd. Over the years, Yulu and Bajaj have been collaborating on product design, technology platforms, engineering processes and manufacturing.
Yulu’s next-generation electric 2-wheeler will be launched from Bajaj’s Pune factory by the end of this year.Yulu has served millions of users. Yulu has enabled thousands of gig economy workers to join the workforce and increase their earnings by providing an efficient, sustainable and affordable mobility service.As a market leader in first and last mile mobility, Yulu has successfully partnered with city authorities for both parking and charging infrastructure in Bangalore Metro (BMRCL), Delhi Metro (DMRC) and Bengaluru (BBMP/DULT), Mumbai (BMC/MMRDA) and New Delhi (NDMC).Yulu, a new unit with Magna, is forming Yulu Energy to create a nationwide battery charging and swapping infrastructure to meet the demand for vehicles made by Yulu and other manufacturers.
This infrastructure is expected to reduce the cost of buying electric vehicles and will accelerate the adoption of electric mobility in India.Yulu, a shared EV mobility and battery swapping company, was founded by Amit Gupta in 2017 along with Naveen Dachuri, RK Mishra and Hemant Gupta. Initially, this company used to rent bicycles. But with technology and innovation, the company has written a new story of growth.
Source: PTI
