EV Startup Yulu Secures $82 Mn in Series B Round

Bengaluru’s electric mobility startup Yulu has secured $82 million in equity funding, which was led by USA’s Magna International in a Series B funding round. The  funding round saw participation from investors, which also included Bajaj Auto Limited.

Notably, Yulu boasts of a strategic partnership with Bajaj Auto and the two companies have been working together over the past few years on product design, technology platforms, engineering processes and manufacturing.

Yulu’s Ambitions

Yulu has revealed that it will look at upgrading its mobility as well as battery swapping businesses while also expanding its EV fleet to over 1 lakh two-wheelers along. At the same time, it will establish more than 500 battery charging and swapping stations in the next 12 months.

As part of its expansion spree, the firm will introduce a new entity along with Magna to form a battery swapping platform.

Yulu has shared that it will launch electric two-wheelers from the Pune facility of Bajaj by end of this year. The firm’s Chief Executive Officer Amit Gupta said while adding that the firm is set to see a 100X scale in the BaaS and MaaS (Mobility-as-a-Service) businesses over the next few years.

The firm provides last-mile connectivity via its electric bike and robust EV charging and battery swapping network. It offers urban MaaS in Bengaluru, Mumbai, and Delhi-NCR. It claims to have completed more than 3.5 million battery swaps so far.