Yulu’s FY22 Loss Narrows To INR 55.5 Cr, Operating Revenue More Than Doubles To INR 29 Cr

Electric mobility startup Yulu’s net loss narrowed to INR 55.5 Cr in the financial year 2021-22 (FY22) from INR 61.1 Cr in the previous fiscal year, benefitting from a tax credit.

Yulu’s loss before tax stood at INR 56.7 Cr in FY22, up over 13% year-on-year (YoY). It got a tax credit of INR 1.2 Cr in FY22 as against a tax outgo of INR 11.1 Cr in the previous fiscal year.

The startup’s operating revenue more than doubled to INR 29 Cr from INR 13.6 Cr in FY21. As a company that provides mobility-as-a-service in Bengaluru, Mumbai, and Delhi NCR, Yulu’s primary source of revenue is the rental fees it collects from its ebike users. 

Founded in 2017 by Amit Gupta, RK Misra, Naveen Dachuri, and Hemant Gupta, Yulu’s fleet of ebikes caters to two categories of users – daily commuters (with its vehicle Yulu Miracle) and last-mile delivery executives (with Yulu Dex). However, the second offering was launched around mid-2022 after the lockdowns at the peak of the Covid-19 pandemic kept the startup’s then main target group – office goers – at home.

Yulu’s vehicles operate at speeds below 25 km per hour and do not require the drivers to have driving licences. The startup has collaborated with the likes of Bajaj Auto for manufacturing the vehicles. Besides, it also operates a battery-as-a-service (BaaS) network that powers its entire ebike fleet.

The startup’s total revenue increased to INR 30.5 Cr in FY22 from INR 15.9 Cr in the previous year.

On the expenses front, Yulu’s total expenditure increased 1.3X to INR 87.2 Cr in FY22 from INR 65.9 Cr in FY21, with employee benefit expenses accounting for the largest chunk at 36%.

The startup’s employee benefit expenses rose 1.4X to INR 31.2 Cr from INR 21.4 Cr in FY21. While it spent INR 25.9 Cr towards salaries and wages, up 51% YoY, its spending on ESOPs declined 5% YoY to INR 2.5 Cr in FY22.

Meanwhile, cost of operations increased 1.6X to INR 24.5 Cr in the reporting period from INR 15.1 Cr in FY21, with a majority spent towards repairs and maintenance.

The startup spent INR 6.9 Cr on repairs and maintenance of its ebikes in FY22 as against INR 4.4 Cr in FY21. It also spent INR 5.3 Cr for transporting the vehicles, a jump of almost 35% YoY.

It is pertinent to note that Yulu’s ebikes are more prone to damage as they are available for public use and are kept in Yulu zones on the roadsides and lanes. The startup also has to transport the vehicles for charging requirements and to repair damages, if any.

Yulu also spent INR 3.3 Cr towards rent payments in FY22, up 32% YoY. Its technology and infra costs also surged 105% to INR 2.4 Cr in the reporting period.

Notably, advertising and marketing expenses declined to INR 1.1 Cr in FY22 from INR 1.3 Cr in the previous year.

In September 2022, Yulu raised $82 Mn from Magna International in its Series B round. After the fundraise, the startup’s CEO and cofounder Gupta told Inc42 that Yulu had recovered from the pandemic and increased its revenue 3X from pre-pandemic levels. He said that Yulu had an ARR of $6 Mn, with 10,000 ebikes operational on the road.

The startup also secured a $9 Mn loan from the US International Development Finance Corporation (DFC) in November last year.

Recently, Yulu launched two new upgraded vehicle variants, one each for Miracle and Dex. 

The startup has raised over $100 Mn so far in equity and debt funding. Last month, it said that it was aiming to scale its EV fleet to 1 lakh units over the next 1 year.