Yulu announced that it received $82 million (Rs 653 crore) in Series B funding, led by Magna International Inc, a Canada-based mobility technology company.
Mobility platform Yulu has announced that it received $82 million (Rs 653 crore) in Series B funding, led by Magna International Inc, a Canada-based mobility technology company.
With the help of this funding, Yulu will be able to expand its EV fleet to more than one lakh electric two-wheelers and install more than 500 battery charging and swapping stations over the course of the next 12 months. The next stage of growth is anticipated to be launched by this company expansion, which will assist Yulu in becoming cash-flow-free.
Together with Magna, Yulu will establish a new company called Yulu Energy to build a nationwide infrastructure for battery swapping and charging in order to meet demand from both Yulu and other manufacturers' vehicles. The business anticipates that this infrastructure will lower the upfront cost of purchasing EVs, which it expects will hasten India's adoption of electric mobility.
Yulu already has a strong strategic alliance with a two-wheeler major, Bajaj Auto, and has been collaborating with the company on product design, technological platforms, engineering processes, and manufacturing. By the end of this year, Yulu's newest line of electric two-wheelers will leave the Bajaj factory in Pune.
The company claims that Yulu's Evs have been used for millions of green deliveries. The business has established fruitful alliances with Bangalore Metro (BMRCL), Delhi Metro (DMRC) and the city governments of Mumbai (BMC/MMRDA), Bangalore (BBMP/DULT), and New Delhi (NDMC) for the infrastructure of parking and charging.
In order to give its customers a nearly endless range, Yulu offers urban Mobility-as-a-Service (MaaS) in Bengaluru, Mumbai, and Delhi-NCR. The business also claims to have built India's largest AI-powered Battery-as-a-Service (BaaS) platform. By now, this network has switched more than 3.5 million batteries.