Yulu raises INR 653 crores in the Series B funding round.
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Yulu raises INR 653 crores in the Series B funding round.

US-based mobility technology company, Magna International Inc. led the funding round, and it will also partner with Yulu to start a new entity for EV battery swapping.

Electric mobility startup Yulu announced that it raised ₹653 crores in the Series B funding round. The funding round was led by US-based mobility technology company, Magna International Inc.

Yulu’s existing investors, including Bajaj Auto Limited, also participated in the round.

This funding will help the startup to increase its EV fleet to more than one lakh Electric 2-Wheelers along with 500+ Battery charging & swapping stations in the next 12 months.

Yulu is also forming a new entity with Magna to create a Battery Swapping (Battery-as-a-Service) platform in India. It will be called Yulu Energy and will cater to the demand from Yulu as well as EVs of other OEMs.

Yulu also has a successful strategic partnership with India’s leading 2-Wheeler manufacturer, Bajaj Auto Ltd. Over the years, both companies have been collaborating on Product Design, Technology Platforms, Engineering Processes, and Manufacturing. Yulu’s next generation of electric 2 Wheelers will roll out of Bajaj’s Pune facility by this year-end.

Amit Gupta, Co-founder & CEO of Yulu, said, “We can clearly see a 100X growth opportunity for Yulu in both the BaaS and MaaS businesses in the next three-four years. As the market leader in electric mobility, with a proven business model built on positive unit economics, our focus now will be to establish a robust and agile supply chain and scale up our operations. We will go deeper & denser in our existing markets and explore new areas while delivering a great customer experience. We welcome Magna onboard with our shared vision to create a sustainable and scalable EV ecosystem in India and beyond.”

Matteo Del Sorbo, Executive Vice President of Magna International and Global Lead of Magna New Mobility, said, “This is an incredibly exciting time for Magna to contribute to a sustainable future in urban mobility through this investment in Yulu. Micro mobility presents a great opportunity for additional growth for Magna, and joining forces with Yulu helps us expand our business into this rapidly growing sector.”

Yulu was founded in 2017, and in the last five years, it has served millions of users for their first & last mile mobility needs. The startup has also partnered with Bangalore Metro (BMRCL), Delhi Metro (DMRC), and city authorities in Bengaluru (BBMP/DULT), Mumbai (BMC/MMRDA), and New Delhi (NDMC) for both parking and charging infrastructure.

Also Read: Dandera Ventures launches OTUA, a cargo electric three-wheeler.

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