EV Startup Yulu Bags $19.25 Mn To Bolster Its Mobility Playbook, Expand Fleet

Electric mobility startup Yulu has secured $19.25 Mn (INR 160 Cr) from its existing strategic investors Magna and Bajaj Auto Ltd.

With the fresh capital, the platform plans to strengthen its market leadership as it expands in terms of vehicles, operational locations and product and technology innovation to keep up with the rise in demand from users.

Founded by Amit Gupta, RK Misra, Naveen Dachuri and Hemant Gupta in 2017, Yulu offers emobility solutions in cities like Bengaluru, Mumbai, and Delhi NCR. It also offers an AI-enabled battery-as-a-service (BaaS) platform to its electric vehicle users.

The platform claims to have seen a 5x revenue jump over the past year and with the freshly raised proceeds, it wants to maintain the growth streak.

Amit Gupta, cofounder and CEO of Yulu, said that the equity infusion will help the company fast-track its growth plans.

“Yulu has seen demand speeding up in the last couple of quarters. In particular, our shared EV services have transformed the urban delivery landscape by increasing the share of green deliveries while enabling livelihoods through disruptive product features, technology-powered operations, and a superior customer experience,” Gupta added.

He further said that Yulu is progressing as planned to secure its Series C round of funding soon.

“Yulu will continue to strengthen its leadership in the mobility-as-a-service (MaaS) segment by deepening existing business lines and opening up new use cases and geographies. Hence, we will look to raise additional funds to power our growth. We are gratified to see a lot of inbound interest from institutional investors and will raise additional capital later this year,” he said.

Back in 2022, Yulu raised $82 Mn (INR 653 Cr) in its Series B funding round led by the Magna, with participation from existing investor Bajaj Auto Ltd.

Yulu saw its consolidated net loss widen 71% year-on-year (YoY) to INR 94.9 Cr in the financial year 2022-23 (FY23).

The startup had managed to lower its loss in FY22 to INR 55.5 Cr on an operating revenue of INR 29 Cr. It saw an almost 44% YoY jump in its operating revenue to INR 41.7 Cr.