Yulu, A Mobility Startup, Raised $82 Million In Series B Funding

Yulu, an electric mobility startup, raised $82 million (653 crore) in a Series B funding round led by Magna International, a mobility technology company. Bajaj Auto, an existing investor, also took part in the round. Yulu provides electric Mobility As A Service (MaaS) and Battery-As-A-Service (BaaS) . The funds will be used to increase its fleet and battery swapping network capacity by tenfold over the next year.

“We can clearly see a 100X growth opportunity for Yulu in both the BaaS and MaaS businesses in the next three-four years. We will go deeper and denser in our existing markets and explore new areas while delivering a great customer experience,” said Amit Gupta, co-founder and CEO of Yulu (Bikes).

Yulu also plans to expand its EV fleet to over one lakh electric 2-wheelers by 2020, as well as over 500 battery charging and swapping stations. Yulu and Magna are forming a new company, Yulu Energy, to build nationwide battery charging and swapping infrastructure. By 2030, the company hopes to have a capacity of one million battery swaps per day.

“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,” said Matteo Del Sorbo, executive VP of Magna International.

Yulu, founded in 2017, is one of India's largest shared EV mobility and battery swapping companies. It offers urban Mobility-as-a-Service (MaaS) in Bengaluru, Mumbai, and Delhi-NCR.