TimesEV
TimesEV
TimesEV
TimesEV
TimesEV
TimesEV
More
    HomeEV NewsYulu Raises $82 Million in series B funding led by Magna

    Yulu Raises $82 Million in series B funding led by Magna

    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).

    Related Post

    Most Popular

    Best Picks

    Veridify, Overcoming the challenges of OT security in building automation with an STM32

    Despite popular belief, it is possible to secure legacy embedded systems properly, even if they lack today’s iron-clad cryptographic capabilities, the latest protections, or...

    Tsuyo’s Vision for Future Manufacturing: Incorporating Emerging Technologies and...

    Tsuyo Manufacturing is deeply committed to offering highly reliable, robust, and durable products designed to withstand a wide range of exposure and service conditions...

    Revamp Moto’s Vision for Advanced EV Features and Industry...

    Revamp Moto is a dynamic and forward-thinking electric vehicle (EV) startup, firmly committed to providing sustainable and adaptive E-mobility solutions. Their primary focus centres...

    ST and ZF sign multi-year supply agreement for Silicon...

    Silicon Carbide technology is widely used in semiconductor material which are easy to fabricate and provides good general electrical and mechanical properties. However, it...

    Exploring Electrochemical Properties: Unraveling Battery Performance and Behavior

    Automotive Test Systems stands as a trailblazing company with an extensive and diverse background in Product Validation, Structural Testing, Data Acquisition and Analysis, Vehicle...

    WISE Testing Solutions: Comprehensive Products and Services for Vehicle...

    WISE Testing Solutions Pvt. Ltd., a privately held company registered as a limited company, aims to provide a comprehensive range of products and services...

    Anton Paar: Revolutionizing EV Battery Testing with Standardization Initiatives

    Anton Paar, a distinguished company specializing in the development, production, and distribution of precision laboratory instruments and process measuring systems, alongside delivering customized automation...

    Exploring the Challenges and Testing Methods for Electric Vehicle...

    Aimil Ltd. is an esteemed organization celebrated for its exceptional expertise spanning multiple domains such as electric vehicle battery testing (both electrical and mechanical),...

    “The core idea behind u-blox has always been to...

    u-blox develops some of the world’s leading IoT communication and GNSS modules, chips and services supporting the industrial, automotive and consumer markets. Recently Andreas...

    Must Read