Bangalore-headquartered electric two-wheeler startup Yulu is eyeing to raise USD 100 million on March 7, 2022. The fresh funding round will see the participation of both new and existing investors.
To date, the company has raised USD 30 million via equity capital. Yulu eyes USD 100 million in a combination of equity and debt to accelerate its growth.
Yulu’s Purpose for Funding
With the fresh capital, the firm intends to expand its business model. It wants to grab a large pie of the growing mobility segment.
Currently, the startup has a fleet of 10,000 electric scooters. It plans to increase its number by ten times, i.e. 100,000 electric scooters, by the end of this year.
Yulu aims to open a franchise model to launch its operations in new cities. In the coming year, they intend to cater to personal buyers.
What the Yulu Founder has to say-
Amit Gupta, founder and CEO of Yulu, said, “All the tailwinds lead it to usage – policies, the adoption, which is primarily led by the food delivery and grocery companies will drive the growth.”
Yulu’s Future Plans
With three million battery swaps to date, Yulu is the largest shared electric mobility platform. The expansion of fleet and operations in new cities aims at three million battery swaps a month by December 2022.
Yulu’s partnership with Bajaj is instrumental in creating its future strategy.
Yulu plans to launch a new range of electric two-wheelers with a fourth-generation battery built on the platform curated by Bajaj Auto. These vehicles will cater to the personal and last-mile mobility segment.
Previously, they used imported kits for vehicle design and development. However, the new vehicles will boast 100% manufacturing and design made in India.
Besides Yulu Dex and Yulu Miracle, they seek to introduce Yulu Express in the e-commerce space.
About the company
Amit Gupta, R K Mishra, Hemant Gupta, and Naveen Dachuri founded Yulu in 2017. Marquee investors like Bajaj Auto, Blume, 3One4, WaveMaker, and Rocketship are the company’s investors.
The startup caters to the high demand areas through a cluster-based approach on pin codes. The firm provides urban Mobility-as-a-service (uMaaS) in Bangalore, Mumbai, and Delhi NCR.
So far, the company has saved over 10,000 metric tonnes of CO2 emissions.
It aims to make city mobility seamless, shareable and sustainable with its AI-powered, vertically integrated battery infrastructure.
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