Yulu Raises $82 Million in Series B Financing to Expand Electric Vehicle (EV) Operations
Northern Arc Capital, a non-banking financial company located in Chennai, has successfully provided debt totalling Rs 25 crore to Yulu, an Indian startup focused on electric mobility.
To raise Rs 25 crore, the board of Yulu Bikes reportedly approved a special resolution to issue 250 non-convertible debentures at an issue price of Rs 1,00,000 apiece, according to records obtained from the Registrar of Companies.
Yulu had a large increase in funding in September 2022 when US-based Magna International led a Series B funding deal that raised $82 million in equity funding.
The startup, known for offering last-mile connectivity through its electric bikes and an extensive network of EV charging and battery swapping stations, operates in major urban areas like Bengaluru, Mumbai, and Delhi-NCR. The Mobility-as-a-Service (MaaS) provider has, through its joint venture Yuma with Canadian automotive supplier Magna, executed more than 6.5 million swaps to date.
Yulu has established a strategic partnership with Bajaj Auto, one of India’s leading two-wheeler manufacturers, as a way to demonstrate the company’s ongoing commitment to innovation and growth. Over time, the partnership has expanded to encompass several areas, including product design, technology platforms, engineering procedures, and manufacturing.
Yulu has demonstrated encouraging financial improvement by recording Rs 41.74 crore in revenue from operations in the most recent fiscal year, while suffering a loss of Rs 94.88 crore.
About Yulu
Yulu is a pioneering enterprise in India, offering shared electric vehicles to enhance urban transportation. Established in 2017 by Amit Gupta, RK Misra, Hemant Gupta, and Naveen Dachuri, the company is dedicated to streamlining city commutes, promoting shared and eco-friendly travel options. Utilizing the Yulu app, users can effortlessly locate, unlock, and ride a range of electric bikes and scooters.
Yulu’s operations span across Bengaluru, Mumbai, Navi Mumbai, Delhi, and Gurugram, featuring various electric vehicle models like EasyMo, Wynn XP, Dex NV, Miracle GR, Dex GR, and Miracle CT. The company collaborates with key investors and regulatory bodies to expand its services and fulfill its vision. Strategic partnerships with notable entities like Bajaj Auto, Uber, DMRC, and BMRCL have been instrumental in broadening Yulu’s network and accessibility.