Yulu, an electric two-wheeler company, has secured $19.25 million (approximately Rs 160 crore) in equity funding from its existing investors, Magna and Bajaj Auto Ltd. This additional capital infusion will empower Yulu to sustain its growth momentum and reinforce its position as a market leader. The funds will be instrumental in expanding its fleet of vehicles, operational footprint, and advancing its product and technology innovations, as highlighted in the company’s press release.
Back in September 2022, Yulu had successfully raised $82 million in equity funding, spearheaded by Magna International in a Series B funding round. Additionally, the company secured $3 million in debt financing earlier this year, as reported exclusively by Entrackr. To date, Yulu has amassed a total funding of over $130 million. Established six years ago, Yulu offers last-mile connectivity through its electric bikes and operates a network of EV charging and battery swapping stations. It delivers urban Mobility-as-a-Service (MaaS) solutions in key cities such as Bengaluru, Mumbai, and Delhi-NCR.
Through its joint venture, Yuma, with Canadian automotive supplier Magna, Yulu has conducted more than 6.5 million battery swaps to date. Amit Gupta, Co-founder and CEO of Yulu, confirmed that the company is on track to raise its Series C funding round soon. He stated, “Yulu will continue to strengthen its leadership in the mobility-as-a-service (MaaS) segment by deepening existing business lines and opening up new use cases and geographies. Hence, we will look to raise additional funds to power our growth. We are gratified to see a lot of inbound interest from institutional investors and will raise additional capital later this year.”
According to startup data intelligence platform TheKredible, Yulu recorded revenue of Rs 41.74 crore from its operations in FY23, marking a significant increase from Rs 29 crore in FY22. However, the company’s losses also surged from Rs 55 crore to Rs 95 crore during the same period. Yulu has witnessed nearly a fivefold growth in revenue over the past five years. In the competitive landscape, Yulu faces rivals such as Zypp Electric, Bounce, and Ebikego, among others.