Yulu Secures $19.25M to Meet Rising EV Vehicles Demand

Feb 23: Yulu, the electric mobility company Yulu has raised $19.25 million in an equity round, to consolidate its market position, increasing the number of vehicles, operational sites and to back product and technology innovation.

Amit Gupta, Co-founder and CEO of Yulu said in a statement “Yulu has seen demand speeding up in the last couple of quarters. In particular, our shared EV services have transformed the urban delivery landscape by increasing the share of green deliveries while enabling livelihoods through disruptive product features, technology-powered operations, and a superior customer experience.”

Yulu looks ahead to raise Series C Funding

Founded in 2017 by Amit Gupta, RK Misra, Naveen Dachuri and Anuj Tweari, Yulu currently deploys 30,000 electric vehicles across Bengaluru, Mumbai, Navi Mumbai, Delhi and Gurugram. Gupta added that the company was on track to raise Series C round of funding and was looking to open up new use cases and geographies.

In February 2023, Yulu, in partnership with Magna, launched battery swapping network Yuma Energy as a joint venture. Yuma offers Battery-as-a-Service to Yulu’s own fleet and other OEMs.

Yulu Witnessing rising demand for EV Vehicles

“Bajaj and Yulu enjoy a strategic partnership and our role extends to beyond being a financial investor. We see very good potential in the space of shared and last mile mobility. Hence, together we continue to leverage our combined expertise in consumer knowledge, technology, and manufacturing to build a class-leading business in this space,” said Rakesh Sharma, Executive Director – Bajaj Auto in the statement.

The current round of funding takes the total amount of funding raised by Yulu to around 124.5 million according to market research and data platform Tracxn. Yulu was valued at $182 million as of September 2022. Yulu reported a 40% increase in revenue for FY23 from year-ago period at Rs 42.8 crore while its losses widened to Rs 95 crore due to increase in operational expenses.

The fresh round of capital by Yulu was raised from returning investors Canadian auto-parts manufacturer Magna and Bajaj Auto Limited as continuation of its Series B round. The startup had last raised $82 million as part of its Series B roundin 2022 from the same set of investors, followed by $9.1 million in debt from US International Development Finance Corporation (DFC).

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