Electric mobility startup Yulu has secured Rs 25 crore in debt from Chennai-based non banking financial company Northern Arc Capital.
The board at Yulu Bikes has passed a special resolution to issue 250 non-convertible debentures at an issue price of Rs 1,00,000 each to raise Rs 25 crore, document accessed from the Registrar of Companies show.
In September 2022, Yulu raised $82 million in equity funding led by US-based Magna International in a Series B funding round.
Yulu offers last-mile connectivity through its electric bike and network of EV charging and battery swapping network. It provides urban Mobility-as-a-Service (MaaS) in Bengaluru, Mumbai, and Delhi-NCR.
Through Yuma, which is a joint venture between Yulu and Canadian automotive supplier Magna, it has done more than 6.5 million 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.
Yulu registered Rs 41.74 crore in revenue from operations in FY23 against Rs 94.88 crore loss in the last fiscal year.
