Indian Economy News

Yulu receives US$ 8 million funding from Bajaj Auto

Yulu, a shared e-mobility service provider has secured an investment of U$8 million (approximately Rs 57.2 crore) from two-wheeler major Bajaj Auto.

According to the deal between the companies, Yulu will source electric two-wheelers from Bajaj Auto which have been co-designed and manufactured exclusively for shared micro-mobility, Yulu said in a statement.

It added that vehicle finance needs of Yulu will also be taken into consideration by Bajaj Auto for providing ease in large-scale deployment of its micro-mobility electric vehicles.

"We believe that congestion reduction and pollution control will drive the segment of shared micro-mobility in the future," Bajaj Auto Managing Director Mr. Rajiv Bajaj said.

The demand for flexible last-mile connectivity will get a boost with the expansion of mass rapid transport systems like Metro in large cities, he added.

"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 neighbourhood of urban India," Bajaj said.
The recent investment will be used by the company for further strengthening of the mobility platform and deepening of the technology solutions for rapid expansion.

Yulu intend to increase its fleet size to 1,00,000 electric two-wheelers by Dec 2020 with an extensive network of its battery-swapping stations across the cities where it operates.

"Yulu's electric two-wheelers will help Indian commuters with the first and the last mile connectivity option. This partnership aims to solve the mobility challenges of urban India in an eco-friendly manner," Yulu Co-Founder and CEO Mr. Amit Gupta said.
At present, the company operates in Bengaluru, New Delhi, Pune, Greater Mumbai, and Bhubaneswar.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.