Yulu, an electric two-wheeler company, has raised $19.25 million (about Rs 160 crore) in equity funding from existing investors Magna and Bajaj Auto Ltd.
The additional capital will enable Yulu to maintain its growth streak and will strengthen its market leadership as it expands in terms of vehicles, operational locations, and product and technology innovation, the company said in a press release.
In September 2022, Yulu raised $82 million in equity funding led by US-based Magna International in a Series B funding round. The firm also raised $3 million in debt financing in January this year. Entrackr exclusively reported the development. The startup has scooped up more than $130 million to date.
Six-year-old 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 co-founder and CEO Amit Gupta also confirmed that the firm is on track to raise its Series C round soon.
“Yulu will continue to strengthen its leadership in the mobility-as-a-service (MaaS) segment by deepening existing business lines and opening up new use cases and geographies. Hence, we will look to raise additional funds to power our growth. We are gratified to see a lot of inbound interest from institutional investors and will raise additional capital later this year,” he said in a statement.
According to startup data intelligence platform TheKredible, Yulu registered Rs 41.74 crore in revenue from operations in FY23 against Rs 29 crore in FY22. During the period, its losses also jumped to Rs 95 crore from Rs 55 crore. As per Yulu, it has seen a nearly 5x leap in revenue over the past five years.
The company competes with Zypp Electric, Bounce, Ebikego, and among others.
