In yet another reminder of the growing importance of electric vehicle infrastructure in India, Yulu has announced the infusion of $82 million (INR 653 crore) in a Series B funding round, led by a mobility technology company, Magna International Inc. Existing investors, including Bajaj Auto, also participated in the round.
With this round of funding, Yulu will increase its EV fleet to more than one lakh electric 2-wheelers along with 500+ battery charging & swapping stations in the next 12 months, noted Amit Gupta, Co-founder & CEO, Yulu.
A new entity named Yulu Energy has also been formed to create nationwide battery charging & swapping infrastructure to cater to the demand from the company and vehicles made by other manufacturers. Yulu and Magna are jointly working on this infrastructure.
“We can clearly see a 100X growth opportunity for Yulu in both the BaaS and MaaS businesses in the next three-four years. We will go deeper and denser in our existing markets and explore new areas while delivering a great customer experience,' he said.
Yulu has a strategic partnership with Bajaj Auto, and over the years, both companies have been collaborating on product design, technology platforms, engineering processes, and manufacturing. Yulu’s next generation of electric 2-wheelers will roll out of Bajaj’s Pune facility by this year-end.
Matteo Del Sorbo, Executive Vice President, Magna International and Global Lead of Magna New Mobility, said, “This is an incredibly exciting time for Magna to contribute to a sustainable future in urban mobility through this investment in Yulu. Micromobility presents a great opportunity for additional growth for Magna, and joining forces with Yulu helps us expand our business into this rapidly growing sector.”