Electric Mobility Startup Yulu Raises $82 Million in Series B Funding
Electric mobility startup Yulu today raised $82 million (₹653 crore) in a Series B funding round, led by mobility technology company, Magna International. Bajaj Auto, who is an existing investor, also participated in the round.
Yulu offers electric mobility-as-a-service (MaaS) and battery-as-a-service (BaaS). The funds will be used to scale up its fleet, and battery swapping network capacity by 10 times each, in the next 12 months.
“We can clearly see a 100X growth opportunity for Yulu in both the BaaS and MaaS businesses in the next three-four years. We will go deeper and denser in our existing markets and explore new areas while delivering a great customer experience,” Amit Gupta, co-founder & CEO, Yulu (Bikes) said.
Photo courtesy of renategranade0.