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Pune based auto giant Bajaj Auto Limited has invested Rs 57.27 crore in Bangalore based electric mobility platform, Yulu. The Bangalore based start-up currently offers electric bicycles for last mile commuting.
According to the deal made, Bajaj Auto will provide electric two-wheelers to Yulu. These electric two-wheelers have been developed by Bajaj and Yulu, and will be manufactured on an exclusive basis.
Bajaj Auto will also manage deployment of Yulu's micro-mobility electric vehicles on a large scale. The new partnership aims to transform urban commuting in the country by providing the best last mile connectivity solutions.
Mr Rajiv Bajaj, the Managing Director at Bajaj Auto said, "At Bajaj Auto Limited, we believe 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. In Yulu we find an experienced and committed partner with robust achievement of success metrics in a very short time. And this is why we decided to partner with them in their journey of bringing Yulu service to every neighborhood of urban India," he added.
Mr Amit Gupta, the Co-Founder and Chief Executive Officer at Yulu said, "Succeeding in the shared micro-mobility business is incumbent upon creating winning partnerships to ensure assured supply of high-quality electric vehicles in large numbers. Bajaj Auto Ltd is the leading automaker of India and is respected globally for its quality and manufacturing capabilities at scale."
"Yulu is the leading electric micro-mobility service provider that requires reliable, durable and comfortable electric vehicles to serve its customers, hence a committed manufacturing partner is crucial to our success. In Bajaj, Yulu finds this strategic partnership and it is a win-win relationship," he added.
The latest round of investment by Bajaj Auto will be used to strengthen Yulu's mobility platform, and to develop technology solutions to facilitate rapid expansion. Yulu currently employs machine learning, and artificial intelligence to predict demand and supply of its resources. The company says this ensures availability of the vehicles, and improves operational efficiency.
Yulu plans to increase its fleet size to one lakh electric vehicles by the end of 2020. The company also aims to have an extensive battery swapping network at cities that is runs operations in.
The company plans to expand in to eight mega cities and a select number of smart cities under its Smart Cities Mission. It currently runs operations in Bangalore, Delhi, Pune, Greater Mumbai, and Bhubaneshwar.
Thoughts About The 57.27 Crore Investment By Bajaj Auto
Smart move by Bajaj. One of the easiest ways to enter the micro-mobility space is to partner with, or to acquire a company that has interests in the segment. Investing in Yulu will allow for Bajaj to enter the segment in multiple cities in one go. While it is an easy task for Bajaj to do this on its own, partnering with Yulu takes out all the initial ground work and allows for almist immediate returns on the investment.