Yulu Bikes, an electric bike-sharing platform, has secured USD 19.25 million in equity funding.
This funding will enable Yulu to continue its growth trajectory and enhance its market leadership by expanding its vehicle fleet, operational locations, and product and technology innovation to meet the increasing user demand.
Bajaj Auto has increased its stake in Yulu to 18.8%, investing an additional ₹45.75 crores. Yulu has experienced a significant revenue growth and is preparing to raise its Series C funding round.
The company’s Co-founder & CEO, Amit Gupta, highlighted the company’s success in the shared EV services sector and its impact on urban delivery and job creation.
Yulu plans to further strengthen its position in the Mobility-as-a-Service segment by expanding its offerings and entering new markets. Bajaj Auto views its partnership with Yulu as more than just financial investment, emphasizing the potential in shared and last-mile mobility.
Magna International’s Executive VP, Matteo Del Sorbo, commended Yulu’s contribution to green mobility in emerging markets. Yulu currently operates 30,000 EVs in Bengaluru, Mumbai, Navi Mumbai, Delhi, and Gurugram.
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