Exclusive: Mobility startup Yulu scores $7 Mn debt

Mobility startup's businesses have bounced back in the ongoing fiscal (FY22) after a severe disruption in their operations during the last fiscal (FY21). Companies such as Rapido, Ola and BluSmart, Chalo and Zoomcar had raised fundings in FY22.

On the lines of these companies, Bengaluru-based Yulu is yet to raise a large equity round in FY22, but the company has just scored $7 million in a debt round. Yulu has passed a special resolution to borrow the aforementioned sum from Magna International INC  through non-convertible notes, regulatory filings with RoC show.

Yulu offers last-mile connectivity through its electric bike and network of EV charging and battery swapping network. According to a Mint report, it’s developing the Yulu Max Network which would help users swap their batteries.

It aims to have 500 Max stations across Bengaluru, Mumbai and Delhi NCR regions by July. The company has been eyeing to raise $40 million in equity capital but it’s yet to materialise.