Bajaj, one of India's top automakers, will make electric two-wheelers for Yulu, an electric scooter rental startup.
Automaker Bajaj Auto Limited (BAL) will invest $8 million in Yulu, a bicycle and electric scooter rental startup, the two companies said in a statement. Yulu will source from Bajaj electric two-wheelers that have been co-designed and manufactured exclusively for shared micro-mobility, as part of the deal.
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Bajaj will also consider facilitating the vehicle finance needs of Yulu for a large-scale deployment of its micro-mobility electric vehicles, the statement said.
Bajaj runs a financial services unit named Bajaj Finserv.
Yulu said the investment will be utilised to further strengthen its mobility platform and deepen technology solutions for rapid expansion. The company said it aims to increase its fleet size to 100,000 electric two-wheelers by December 2020 with an extensive network of battery-swapping stations across cities where it operates.
Rajiv Bajaj, managing director of Bajaj, said his company believes that the two factors of congestion reduction and pollution control will drive the segment of shared micro-mobility in the future. “That coupled with the expansion of Mass Rapid Transport System like Metro in large cities will further boost the demand for flexible last-mile connectivity.”
Yulu currently has a fleet of 15,000 vehicles, The Economic Times reported.
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