Yulu secures fresh funding from Bajaj, Magna International

    Fresh funding of Rs 160 crore has been secured by selling shares.

    Published On Feb 23, 2024 01:41:00 PM

    7,593 Views

    Yulu Wynn price, Miracle GR features, DeX GR.
    Listen to this Article

    Yulu has secured a capital boost of $19.25 million (approx. Rs 160 crores) through the sale of shares to existing strategic investors, Magna International Inc. and Bajaj Auto. The fresh funding will help Yulu achieve its three year projection of three million Yulu e-bikes on the road. What’s to note is that the new influx of funds comes at a time when Yulu has experienced a five-fold increase in its revenue over the past year.

    1. Yulu claims to cater to needs of over 4 million users
    2. Company claims prevention of over 20 million kgs of CO2 emissions

    Yulu enables last-mile commuting in major Indian cities, with a fleet of 30,000 e-bikes operational in Bengaluru, Mumbai, Navi-Mumbai, Delhi and Gurugram. The company claims to have met the mobility needs of over 4 million users and to have saved over 20 million kilograms of CO2 emissions. While the majority of Yulu e-bikes are produced at Bajaj Auto’s Chakan plant, Yuma Energy, an Indian player in the Battery-as-a-Service (BaaS) sector, shares its platform with Yulu. Additionally, Yulu has forged partnerships with multiple delivery and logistics firms like Zepto and Zomato.

    Also see: 

    Yulu to have 1 million e-bikes on the road in three years, says CEO

    Furthermore, Yulu’s CEO confirmed the company’s plan to secure Series C funding round in the near future. “Yulu will continue to strengthen its leadership in the mobility-as-a-service (MaaS) segment, and hence, we will look to raise additional funds to power our growth.”

    Also see: 

    Yulu Miracle GR, DeX GR e-bikes launched, made in India by Bajaj

    Bajaj Bikes

    Copyright (c) Autocar Professional. All rights reserved.

    Comments

    ×
    img

    No comments yet. Be the first to comment.

    Ask Autocar Anything about Car and Bike Buying and Maintenance Advices
    Need an expert opinion on your car and bike related queries?
    Ask Now

    Search By Bike Price

    Poll of the month

    Would you buy a festive season special edition car?

    Yes, they offer greater value

     

    24.09%

    Yes, it helps me stand out

     

    6.97%

    No, the car is essentially the same

     

    68.94%

    Total Votes : 631
    Sign up for our newsletter

    Get all the latest updates from the automobile universe