Yulu raises Rs 160 crore in fresh funding from Magna and Bajaj Auto
02/23/24, 4:34 AM
Location
bengaluruMoney raised
$19.3 million
Industry
automotive
Round Type
series c
Investors
Bajaj Auto Ltd, Magna
Yulu has raised approximately Rs 160 crore (equivalent to $19.25 million) in equity infusion from its existing strategic investors Magna and Bajaj Auto Ltd. The funding will enable Yulu to quickly cater to the spurt in demand for its shared electric vehicle (EV) services and maintain its growth trajectory, strengthen its market leadership, and expand its operations and technology innovation.
Company Info
Location
bengaluru, karnataka, india
Additional Info
Yulu is India's largest shared micro-mobility service provider using electric two-wheelers to reduce traffic congestion and air pollution in urban India. Yulu service is actively used for the last-mile commute as well as last-mile deliveries, making a real impact on India's goal of electrifying its mobility by 2030.
Yulu's mission is to create sustainable cities of tomorrow by revolutionizing the way people commute. Yulu’s technology-driven mobility platform uses IoT, ML, and AI for demand-supply management and efficient operations. Currently, Yulu is present in Bengaluru, Delhi NCR, and Greater Mumbai.