Yulu, a shared electric two-wheeler mobility company, has raised $19.25 million via further issuance of shares to existing investors Magna and Bajaj Auto Ltd.
The company will use the capital raised to maintain its growth streak and strengthen its market leadership, operational locations, and product and technology innovation.
Amit Gupta, co-founder and CEO of Yulu, said, “Yulu has seen demand speeding up in the last couple of quarters. Our shared EV services have transformed the urban delivery landscape by increasing the share of green deliveries while enabling livelihoods through disruptive product features, technology-powered operations, and a superior customer experience. We are delighted that our existing investors, Bajaj and Magna, among others, share our excitement and optimism and have stepped up their investments to power this growth spurt.”
Commenting on the investment, Rakesh Sharma, Executive Director - Bajaj Auto, said, “Bajaj and Yulu enjoy a strategic partnership and our role extends to beyond being a financial investor. We see very good potential in the space of shared and last mile mobility. Hence, together we continue to leverage our combined expertise in consumer knowledge, technology, and manufacturing to build a class-leading business in this space. We are supportive of Yulu’s plans and the current investment is an outcome of the shared vision and strategy to realise it.”
Gupta also confirmed that Yulu is on track to raise its Series C round of funding soon. “Yulu will continue to strengthen its leadership in the mobility-as-a-service (MaaS) segment by deepening existing business lines and opening 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.”