Electric mobility startup Yulu has raised $82 Mn (INR 653 Cr) in its Series B funding round led by the US-based mobility technology company Magna International Inc. Existing investor-Bajaj Auto Ltd also participated in the funding round.
Yulu plans to use the raised capital to fortify its leadership via product and tech innovation. It also plans to expand its EV fleet to 1 Lakh+ EV two-wheelers. With this fundraising, Yulu will also form a partnership with Magna thus, creating a battery swapping infra that comprises an interoperable battery system.
“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,” Matteo Del Sorbo, executive vice president at Magna International, said.
Founded in 2017, Yulu provides sustainable mobility solutions in Bengaluru, Mumbai, and Delhi-NCR. It also offers an AI-enabled battery-as-a-Service platform to electric vehicle users.
“We can clearly see a 100X growth opportunity for Yulu in both BaaS and MaaS businesses in the next three-four years. As the market leader in electric mobility, 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,” Amit Gupta, co-founder, and CEO, of Yulu said.
The company claims to have completed over 3.5 Mn battery swapping operations to date. It is further planning to expand its battery charging and swapping infra by introducing over 500 stations. It is further looking to add over 500 battery charging and swapping stations to its existing EV fleet in the next 12 months.
Yulu in collaboration with Bajaj Auto Ltd is developing product design, engineering, and manufacturing processes. Besides, Bajaj will roll out Yulu’s Electric vehicles from its Pune facility by the end of this year (2022).