Electric bike-sharing platform Yulu Bikes raises USD 19.25-million capital in equity funding

The capital infusion will allow Yulu to maintain its growth streak and strengthen its market leadership while expanding its reach in terms of vehicles, operating locations, and product and technology innovation to keep up with the increase in demand. of users, the company said in a statement.

On Thursday, Bajaj Auto said in a regulatory filing that it has raised its stake in Yulu Bike to 18.8 percent of the paid-up share capital with another. ₹45.75 crore investment in the company.

The company claims to have seen a nearly 5x jump in revenue over the last year.

Yulu also said it is on track to raise its Series C funding soon.

The equity infusion will help the company accelerate its growth plans, said Amit Gupta, Co-founder and CEO of Yulu.

“Yulu has seen demand accelerate in the last two quarters. In particular, our shared EV services have transformed the landscape of urban transportation by increasing the share of green shipments, while enabling life,” he added.

The company will continue to strengthen its leadership in the mobility as a service (MaaS) segment by deepening existing business lines and opening new use cases and geographies, Gupta added.

“Bajaj and Yulu enjoy a strategic partnership and our role extends beyond being a financial investor. We see a very good potential in the space of shared and last-mile mobility. Therefore, together, we continue to exploit our combined expertise in consumer knowledge, technology, and manufacturing to build a business in this space,” said Rakesh Sharma, Chief Executive Officer, Bajaj Auto.

Matteo Del Sorbo, Executive Vice President, Magna International and Global Leader of Magna New Mobility, said that Yulu’s journey shows the vital role played by green mobility solutions in the context of emerging markets.

Yulu currently runs 30,000 EVs in Bengaluru, Mumbai, Navi Mumbai, Delhi and Gurugram.