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EV startup Yulu raises $82 Mn in Series B round

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Electric mobility startup Yulu has secured $82 million in equity funding led by US-based Magna International in a Series B funding round with participation from existing investors including Bajaj Auto Limited. This is the first funding round for the Bengaluru-based company in 2022.

Yulu will scale its mobility & battery swapping businesses and increase its EV fleet to more than 1 lakh two-wheelers along with over 500 battery charging and swapping stations in the next 12 months, the firm said in a press statement.

The company will also form a new entity with Magna to create a battery swapping (Battery-as-a-Service) platform with an interoperable system to accelerate the electrification of mobility.

Yulu offers last-mile connectivity through its electric bike and network of EV charging and battery swapping network. The company provides urban Mobility-as-a-Service (MaaS) in Bengaluru, Mumbai, and Delhi-NCR and claims to have completed more than 3.5 million battery swaps to date.

Yulu has a strategic partnership with India’s two-wheeler manufacturer Bajaj Auto and over the years the two companies have been collaborating on product design, technology platforms, engineering processes and manufacturing.

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Vedansh Pratap | Entrackr

 

As per Yulu, its next generation of electric two-wheelers will roll out of Bajaj’s Pune facility by the year-end. Its chief executive Amit Gupta anticipates a 100X scale in both the BaaS and MaaS businesses in the next three-four years.

While Yulu is yet to file its annual financial statements for FY22, the company’s revenue from operations jumped 54% to Rs 13.7 crore in FY21, according to its regulatory filings with the RoC. The company’s losses also surged more than 220% to Rs 61 crore during the fiscal year ending March 2021.

So far, Yulu has scooped up around $110 million in funding. In December, the company raised a $7 million debt round. Entrackr had exclusively reported the development.

As per Fintrackr’s data, around 40 EV startups have collectively raised over $630 million in 2022 so far. Ola Electric and Ather Energy are the largest fundraisers on the list followed by Yulu.

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