Yulu, the shared electric Mobility-as-a-Service (MaaS) player, received a loan confirmation of $9 million (INR 73 crore) from the US International Development Finance Corporation (DFC), the United States Government’s Development Financial Institution (DFI).
The US International Development Finance Corporation proposed the investment in Yulu through its new e-Mobility financing team as a part of the institution’s focus on financing clean and zero emissions transportation solutions in India, noted Anuj Tewari, Chief Financial Officer, Yulu Bikes.
He said, “Yulu fulfills six of the United Nations Sustainable Development Goals, and has successfully built a clean mobility business in India based on positive unit economics. We are quite thrilled.”
The start-up claims that 75 million+ green deliveries have been made using its EVs to date, and the company has helped save 15,000 metric tonne of CO2 emissions. It has also created a dedicated social and development programme for delivery executives called “Safe Rider,” in conjunction with city and traffic authorities.
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