Yulu raises $82 million in Series B funding

Chennai: Yulu, a Mobility-as-a-Service (MaaS) and Battery-as-a-Service (BaaS) business, has raised $82 million (around 653 crore) in a Series B funding round led by mobility technology company Magna International. Existing investor Bajaj Limited also participated in the round. The company did not disclose the valuation at which the new round was raised.
Yulu said it will utilise this round of funding to further strengthen its leadership through product and technology innovation, and increase its EV fleet to more than one lakh electric two-wheelers along with 500+ battery charging and swapping stations in the next 12 months.
Yulu is forming a new entity -Yulu Energy- with Magna to create nation-wide battery charging and swapping infrastructure to cater to the demand from Yulu as well as vehicles made by other manufacturers. This infrastructure is expected to reduce the upfront cost of buying EVs and will accelerate the adoption of electric mobility in India.
“We can clearly see a 100X growth opportunity for Yulu in both the BaaS and MaaS businesses in the next three-four years...We will go deeper & denser in our existing markets and explore new areas while delivering a great customer experience," Amit Gupta, Co-founder & CEO, Yulu, said.
“Micromobility presents a great opportunity for additional growth for Magna, and joining forces with Yulu helps us expand our business into this rapidly growing sector,” Matteo Del Sorbo, Executive Vice President, Magna International and Global Lead of Magna New Mobility said.
Yulu has a strategic partnership with Bajaj Auto, and over the years, the two enterprises have been collaborating on product design, technology platforms, engineering processes and manufacturing. Yulu’s electric two-wheelers are set to roll out of Bajaj’s Pune facility by this year-end.