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Electric mobility startup Yulu raises Rs 25Cr debt from Northern Arc

IndianStartupNews

IndianStartupNews · 1y ago

Electric mobility startup Yulu raises Rs 25Cr debt from Northern Arc

Electric mobility startup, Yulu, has secured Rs 25 crore in debt funding from Northern Arc Capital. The funding was raised through the issuance of non-convertible debentures, with each debenture priced at Rs 1,00,000. Yulu aims to enhance urban mobility solutions and offers last-mile connectivity through its network of electric bikes and battery swapping facilities. The startup had previously raised $82 million in a Series B equity funding round and has strategic partnerships with Bajaj Auto and Magna International.

Related News

Yulu raises Rs 25.7 Cr from auto parts maker Magna International

YourStory

YourStory · 1m ago

Yulu raises Rs 25.7 Cr from auto parts maker Magna International

Electric mobility startup Yulu secured Rs 25.7 crore in Series B funding from Canadian auto parts manufacturer Magna International. This investment arrives as demand for Yulu's vehicles surges, driven by growth in quick commerce deliveries. Yulu, backed by Bajaj Auto, also reported a significant 188% increase in FY24 revenues to Rs 119.9 crore despite rising expenses. The company aims to double its fleet to 100,000 electric vehicles this year, capitalizing on demand in the last-mile delivery sector.

Yulu raises $19.25 Mn from Magna, Bajaj Auto

Entrackr

Entrackr · 1y ago

Yulu raises $19.25 Mn from Magna, Bajaj Auto

Yulu, an electric two-wheeler company, has raised $19.25 million (about Rs 160 crore) in equity funding from existing investors Magna and Bajaj Auto Ltd. The additional capital will enable Yulu to maintain its growth streak and will strengthen its market leadership as it expands in terms of vehicles, operational locations, and product and technology innovation, the company said in a press release. In September 2022, Yulu raised $82 million in equity funding led by US-based Magna International in a Series B funding round. The firm also raised $3 million in debt financing in January this year. Entrackr exclusively reported the development. The startup has scooped up more than $130 million to date. Six-year-old Yulu offers last-mile connectivity through its electric bike and network of EV charging and battery swapping network. It provides urban Mobility-as-a-Service (MaaS) in Bengaluru, Mumbai, and Delhi-NCR. Through Yuma, which is a joint venture between Yulu and Canadian automotive supplier Magna, it has done more than 6.5 million swaps to date. Yulu co-founder and CEO Amit Gupta also confirmed that the firm is on track to raise its Series C round soon. “Yulu will continue to strengthen its leadership in the mobility-as-a-service (MaaS) segment by deepening existing business lines and opening up new use cases and geographies. Hence, we will look to raise additional funds to power our growth. We are gratified to see a lot of inbound interest from institutional investors and will raise additional capital later this year,” he said in a statement. According to startup data intelligence platform TheKredible, Yulu registered Rs 41.74 crore in revenue from operations in FY23 against Rs 29 crore in FY22. During the period, its losses also jumped to Rs 95 crore from Rs 55 crore. As per Yulu, it has seen a nearly 5x leap in revenue over the past five years. The company competes with Zypp Electric, Bounce, Ebikego, and among others.

Electric mobility startup Yulu raises $19.25M led by Magna and Bajaj Auto Ltd.

IndianStartupNews

IndianStartupNews · 1y ago

Electric mobility startup Yulu raises $19.25M led by Magna and Bajaj Auto Ltd.

Yulu, an electric mobility startup, has raised $19.25 million in a funding round led by Magna and Bajaj Auto Ltd. The capital will be used to expand the company's fleet of electric vehicles and operational locations. Yulu aims to establish a strong position in the urban mobility sector by focusing on environmentally friendly delivery services. Bajaj Auto has increased its stake in the company to 18.8%. Despite widening losses, Yulu plans to achieve profitability in the first half of the year and aims to go public in 2026.

Yulu raises $19.25 mn from Magna and Bajaj Auto, eyes expansion & new product launch

Economic Times

Economic Times · 1y ago

Yulu raises $19.25 mn from Magna and Bajaj Auto, eyes expansion & new product launch

Yulu Bikes, a shared mobility services provider, has raised $19.25 million in funding from existing investors Magna and Bajaj Auto. The funds will be used to launch a new product, expand the company's reach, and develop technology. Yulu has experienced a significant increase in demand, particularly in Gurugram and Mumbai. The company plans to introduce a new electric scooter for e-commerce deliveries and expand operations to five more metros by 2024. Yulu aims to deploy about 100,000 electric two-wheelers this year and is also exploring opportunities for international exports with its partner Bajaj Auto.

Yulu raises $19.25 million led by existing investors Magna and Bajaj Auto

Thehindubusinessline

Thehindubusinessline · 1y ago

Yulu raises $19.25 million led by existing investors Magna and Bajaj Auto

Yulu, a shared electric two-wheeler mobility company, has raised $19.25 million in funding from existing investors Magna and Bajaj Auto Ltd. The company plans to use the capital to support its growth, expand its operational locations, and invest in product and technology innovation. Yulu has experienced increasing demand for its shared EV services, which have transformed the urban delivery landscape. The company also confirmed plans to raise additional funds in its upcoming Series C round to further strengthen its position in the mobility-as-a-service (MaaS) sector.

Exclusive: Yulu To Raise $8.2 Mn From Cofounders Via Rights Issue

Inc42 · 1m ago

Exclusive: Yulu To Raise $8.2 Mn From Cofounders Via Rights Issue

Yulu, an electric mobility startup, is raising INR 70 Cr (around $8.2 million) from cofounders and existing investors through a rights issue. Key investors include Bajaj Auto and Magna International, with cofounders Amit Gupta, Hemant Gupta, Naveen Dachuri, and Rajendra Kumar Mishra contributing varying amounts. Yulu aims to secure $100 million in its upcoming Series C round to continue its growth trajectory, with plans to capitalize on the demand in the gig economy electric vehicle space.

Exclusive: Logistics & Distribution Startup Ripplr To Raise $4.7 Mn Debt From Northern Arc

Inc42 · 1y ago

Exclusive: Logistics & Distribution Startup Ripplr To Raise $4.7 Mn Debt From Northern Arc

Bengaluru-based startup Ripplr is raising INR 40 Cr ($4.7 Mn) in debt from IPO-bound Northern Arc. This comes after the company raised INR 6 Cr in debt from venture debt firm Trifecta Capital last month. The funding round is expected to consist of 400 non-convertible debentures (NCDs). Ripplr previously raised $40 Mn in a Series B funding round in May 2020.

IPO-bound NBFC Northern Arc raises $80 mn from IFC

VCCircle

VCCircle · 1y ago

IPO-bound NBFC Northern Arc raises $80 mn from IFC

Chennai-based non-banking lender Northern Arc has raised $80 million, with $40 million in equity and $40 million in debt, from the International Finance Corporation (IFC), the investment arm of the World Bank Group. The funds will be used for expansion and improving customer reach. Northern Arc, which focuses on financial inclusion, plans to raise an additional $75 million from another foreign institution. The company offers microfinance, MSME finance, affordable housing finance, vehicle finance, consumer finance, and agriculture supply chain finance. Its assets under management stood at INR 10,081 crore ($1.34 billion) as of September 2023.

Northern Arc Capital raises Rs 229 Cr from anchor investors pre-IPO

YourStory

YourStory · 10m ago

Northern Arc Capital raises Rs 229 Cr from anchor investors pre-IPO

Non-bank financial institution Northern Arc Capital has raised Rs 229 crore ($31 million) from anchor investors ahead of its upcoming initial public offering (IPO). The funds were collected by issuing over 87 lakh equity shares at Rs 263 each to anchor investors including SBI General Insurance, Kotak Mahindra Life Insurance, and Goldman Sachs. Northern Arc Capital's IPO, which consists of a fresh issue of equity shares worth Rs 500 crore and an offer for sale of up to Rs 277 crore, is set to open for public subscription on September 16.

Yulu plans a debt ride to new markets

Livemint

Livemint · 1y ago

Yulu plans a debt ride to new markets

Indian electric bike rental startup, Yulu, is in talks to raise debt capital to expand its fleet size and presence in existing and new markets. The company aims to add 10-12 more cities this year and is also planning to launch two models in collaboration with its largest shareholder, Bajaj Auto. Yulu operates in key cities like Bengaluru, Mumbai, Delhi, and Gurugram, and has partnerships with delivery and e-commerce platforms. The growing demand for electric vehicles and government-driven schemes have increased investor interest in the EV sector in India. Yulu aims to go public in 2026.

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