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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.

Related News

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.

Mobility startup Yulu bags $19 mn from existing investors

VCCircle

VCCircle · 1y ago

Mobility startup Yulu bags $19 mn from existing investors

Yulu, a shared electric two-wheeler mobility company, has raised $19.25 million in equity funding from existing investors Magna and Bajaj Auto. Bajaj Auto invested $5.8 million for a 1% stake in the company, bringing its total stake to 18.8%. The additional capital will be used to support Yulu's growth and expand its operations and technology innovation. Yulu currently operates in several Indian cities and offers electric bike rental services and EV charging and battery swapping networks. The company is also planning to raise its Series C funding round in the near future.

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.

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.

Yulu Turns EBITDA Positive, Breaches $30 Mn ARR On Rising Quick Commerce Demand

Inc42 · 10m ago

Yulu Turns EBITDA Positive, Breaches $30 Mn ARR On Rising Quick Commerce Demand

- Yulu has achieved a milestone of crossing an annual recurring revenue (ARR) of $30 million and has also become EBITDA positive. - Yulu currently operates a fleet of over 40,000 electric vehicles and plans to deploy 100,000 EVs by 2025. - The company is set to raise $100 million in its Series C funding round to support its expansion plans. - In September 2020, Yulu raised $82 million in its Series B funding round led by Magna International and Bajaj Auto. - The demand for quick commerce and food delivery services, along with supportive government policies, has contributed to Yulu's growth.

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.

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.

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.

Mobility startup Yulu eyes $80 million raise riding on quick commerce buzz

Economic Times

Economic Times · 4m ago

Mobility startup Yulu eyes $80 million raise riding on quick commerce buzz

Yulu, a shared mobility startup, is in talks to raise $75-80 million to leverage quick commerce growth. With participation expected from existing investors like Bajaj Auto and Magna International, the fundraising will bolster Yulu’s $30 million annual recurring revenue and Ebitda profitability. The investment will enhance Yulu’s fleet to 80,000 scooters by 2025. The round may increase Yulu’s valuation by 20-25%, compared to its $210 million valuation earlier in the year.

Yulu Bikes eyes growth in non-metro towns with franchise model

Economic Times

Economic Times · 7m ago

Yulu Bikes eyes growth in non-metro towns with franchise model

Yulu Bikes, a Bengaluru-based shared mobility service, plans to expand in tier-2 and -3 cities using a franchise model, aiming to grow its 45,000-vehicle fleet to 100,000 by year-end. Supported by major investors like Bajaj Auto, Yulu is exploring diverse services, including bike taxis and e-commerce deliveries. The startup intends to enter international markets with Bajaj's assistance and aims to leverage a battery-swapping network for two-wheelers in India.

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