Indian electric micromobility firm Yulu has reportedly announced an infusion of $82 million in its latest funding round, led by Canadian mobility tech major Magna International Inc.
As per reports, the capital will be primarily utilized to strengthen the e-bike maker’s product and technology innovation and expand its EV fleet to over 100,000 electric two-wheelers and over 500 battery charging and swapping stations within the next 12 months.
With the expansion, Yulu is expected to become cash-flow free and begin its next growth phase.
With Magna, Yulu will form a new entity Yulu Energy for developing countrywide battery charging and swapping infrastructure to meet the demand from itself as well as other manufacturers.
The infrastructure is anticipated to lower the upfront cost of EV purchases. Yulu hopes that it will accelerate e-mobility adoption in India.
Amit Gupta, Co-founder, and CEO, Yulu, stated that the company sees a 100X opportunity for growth in MaaS as well as BaaS businesses over the next three to four years, adding that it will go deeper and denser in its current existing markets to explore new segments.
Gupta also welcomed Magna onboard, with whom it shares the vision of developing a scalable and sustainable EV ecosystem in India as well as abroad.
Matteo Del Sorbo, Executive VP and Global Lead of Magna New Mobility, Magna International, stated that with micro-mobility presenting a huge opportunity for Magna’s further growth, partnering with Yulu will aid its entry through the fast-growing sector.
The funding comes after Yulu formed a strategic partnership with Indian two-wheeler giant Bajaj Auto, with whom it has collaborated on engineering processes, technology platforms, manufacturing, and product design.
As per Yulu, millions of green deliveries have been completed via its EVs. The startup has entered partnerships with city departments and authorities, such as Delhi Metro (DMRC) and Bangalore Metro (BMRCL), New Delhi (NDMC), Mumbai (BMC/MMRDA), and Bengaluru (BBMP/DULT), for parking and charging stations.
The startup offers urban Mobility-as-a-Service (MaaS) in all three cities and developed, as proclaimed by it, the largest AI-powered Battery-as-a-Service (BaaS) platform in India to deliver an almost infinite range to users.