Yulu, a player in shared electric mobility space in which Bajaj Auto has a stake, unveiled the Miracle GR and DeX GR 3.0 on Monday. Yulu said it would deploy 50,000 vehicles by the end of 2023.

Currently, the company is present in Bengaluru, Delhi, and Mumbai, but will soon expand to some of the other top 10 cities and international market, according to Amit Gupta, co-founder, and CEO, Yulu.

It plans to deploy around 8,000 vehicles in a month, and the new model will be inducted starting with Bengaluru, in the next two weeks. In April, these will be rolled out in Delhi and Mumbai. Currently, Yulu’s fleet size is close to 15,000 vehicles.

The new model can carry up to 30–35 kg, excluding the weight of the rider, and offers a range of 50–60 km under actual road conditions. Gupta said there will be no change in rental pricing. .

The last-mile logistics segment is getting bigger; in fact, there are about 10 million people involved in the segment, which is an immediate opportunity, the CEO said. “In addition, the business-to-business segment has high demand and an opportunity that is being discussed.”

Yulu, which had previously spoken about its plans to deploy 1 million vehicles in the next three to four years, said that it will raise debt funding for the same. “To scale up our fleet, we would be looking to raise close to $500 million through debt financing,” said Gupta. It had raised debt from DFC financing previously. The company expects to be EBITA positive by the end of CY 2023.

Global markets

In addition to expanding to newer cities, the company is also aiming to enter the international market. “We are in conversation, and are exploring 4-5 countries in South Asia, Africa, and Latin America.”

Currently, the company employs around 1,200–1,300 people across all its operations. “In the last six months, we added close to 100 people from an HQ level, and going forward, we will continue to hire people on the ground, which currently stands at close to 1000.”

Bajaj’s stake in Yulu is under 19 per cent and the vehicles will be manufactured at Bajaj Auto’s wholly-owned subsidiary of Chetak Technology’s facility in Akurdi, Pune, said S Ravikumar, Chief Business Development Officer, Bajaj Auto Limited.

“Going electric is a key strategic priority at Bajaj, and Yulu is an integral part of this strategy. Yulu’s deep expertise in EV technology and market knowledge, coupled with Bajaj Auto’s strong, world-class R&D and manufacturing capabilities, is a powerful force that is shaping India’s future of mobility,” he said. 

Yulu’s fleet operates on swappable batteries and is powered by Yuma Energy. There are currently around 100 Yuma stations across Bengaluru, Mumbai, and Delhi, which the company plans to scale to 500 by 2024.

Related Topics
comment COMMENT NOW