Yulu Raises Rs 160 crores to Expand E-Bike Fleet and Urban Mobility in India

Yulu, a leading provider of last-mile commuting solutions in India, has secured fresh funding of Rs 160 crores ($19.25 million) from existing strategic investors, Magna International Inc. and Bajaj Auto.

This capital investment, amounting to Rs 160 crores ($19.25 million), will support Yulu's ambitious goal of having three million e-bikes on the road within three years. Notably, this funding comes at a time when Yulu has seen remarkable growth, with its revenue increasing five-fold over the past year.

Currently operating a fleet of 30,000 e-bikes across major Indian cities like Bengaluru, Mumbai, Navi-Mumbai, Delhi, and Gurugram, Yulu has become a key player in urban mobility. The company has served over 4 million users and has contributed to significant environmental benefits by saving over 20 million kilograms of CO2 emissions.

Many of Yulu's e-bikes are manufactured at Bajaj Auto's Chakan plant, while Yuma Energy, specializing in Battery-as-a-Service (BaaS), collaborates with Yulu to power its platform. Additionally, Yulu has established partnerships with leading delivery and logistics companies such as Zepto,Swiggy and Zomato.

Looking ahead, Yulu's CEO has confirmed plans to pursue a Series C funding round to further bolster the company's position in the mobility-as-a-service (MaaS) segment. This additional funding will fuel Yulu's growth initiatives as it continues to innovate and expand its offerings to meet the evolving needs of urban commuters.

Amit Gupta, co-founder and CEO of Yulu Bikes, announced that the fresh funds will be allocated towards launching a new product, expanding their reach, and enhancing technology. Yulu plans to introduce a new vehicle tailored for e-commerce deliveries and expand operations. Gupta envisions Yulu becoming a 5 million-vehicle enterprise in India over the next 3-5 years, focusing on freight and people transportation solutions.

DriveSpark Thinks

Yulu’s focus on e-bikes, collaborations with manufacturers like Bajaj Auto, and Battery-as-a-Service model with Yuma Energy underscore its commitment to sustainable transportation solutions.