Yulu has garnered fresh capital through the issuance of shares, which accounts for INR 160 crore. The fresh capital will help Yulu to achieve its short term goals, which include 3 million Yulu bikes on the roads. With the fresh investment, Bajaj Auto’s stake in Yulu Bikes has raised to 18.8% of the paid-up equity share capital, thanks to an additional INR 45.75 crore capital investment.
Yulu Bikes’ another investor Magna International has also increased its stake in the unique mobility solution provider, details of which are yet to be announced. Speaking about Yulu Bikes, the start-up is poised to raise its Series C funding soon, in order to keep the upward trajectory going and achieve future goals.
Yulu Bikes claims to have achieved close to 5x leap in its revenue over the last year. Amit Gupta, co-founder and CEO of Yulu, said, “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 livelihood.”
Furthermore, Rakesh Sharma, Executive Director at Bajaj Auto, said, “Bajaj and Yulu Enjoy a strategic partnership and our role extends 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 business in this space.”
Ever since it kick started its operations, Yulu is said to have met the mobility needs of over 4 million users, which has also resulted in 20 million kilogram worth of CO2 savings. Currently, the start-up operates with 30,000 EVs across cities like Bangalore, Delhi, Gurgram, Mumbai and Navi Mumbai. The mobility solution provider has also formed partnerships with delivery-based services like Zepto and Zomato.