Yulu Secures Rs 30 Crore Funding Led by VC Firm Rocketship

EV micro-mobility service provider Yulu has secured a fresh infusion of Rs 30 crores in equity funding led by US-based Rocketship and existing investors.

Electric micro-mobility service provider Yulu recently announced that it has secured a fresh infusion of Rs 30 crores in equity funding led by US-based VC firm Rocketship and existing investors. The new investment received during the COVID-19 crisis, the firm claims, validates the growth potential of the new-age mobility firms.

As per the release, the new investment will be used for further strengthening the mobility platform, technology solutions, and enabling rapid expansion.

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Amit Gupta, Co-founder & CEO, Yulu said, “we are glad to have Rocketship on board as our new investor. We stand to benefit from their global expertise in supporting technology-led businesses and look forward to working with them.”

Talking about Silicon Valley-based VC firm’s first-ever investment in the Indian micro-mobility sector, Sailesh Ramakrishnan, Partner at Rocketship said, “Yulu is one of the most exciting and innovative companies in the micro-mobility space and we are happy to join and support the team. We believe that Yulu will revolutionize the daily commute of every Indian while having a significantly positive impact on the environment.”

RK Misra Co-founder and President Ecosystem Partnerships – Yulu further commented, “Electric Mobility comes with its own challenges of charging infrastructure and range anxiety. Yulu has overcome these challenges by its proprietary IoT driven and highly scalable charging infrastructure.”

The startup has raised more than USD 20 million in funding so far from key investors like Bajaj Auto Ltd, Blume Ventures, 3one4 Capital, Wavemaker, and now US-based Rocketship, among others.

In an interview with SaurEnergy in 2019, Yulu’s CEO Amit Gupta discussed the firm, its experience so far with electric mobility and its hopes.

“Yulu is ‘simple’ in Chinese and we are very confident that like the fintech revolution, where India has sailed quickly through credit cards, debit cards to frictionless transactions, we will move the same way to the future of mobility which is small, sustainable and shared.” It’s a vision that has seen this Bengaluru based firm hit 10,000 vehicles on the road, including 8,000 cycles and 2,000 of its Yulu Miracle EV’s.