Bengaluru-based Yulu, a shared electric vehicle mobility platform, which operates in its hometown, and in Delhi and Mumbai, plans to expand operations to seven more Indian metros. The platform is also exploring third-party partnerships to launch micro-mobility services across tier 2/3 cities and towns.
“We are going pan India in a phased manner,” said Amit Upadhyay, Head, Strategy and Product-EVs, Yulu told The Hindu. “We will operate in 10 cities, while we are also looking to collaborate with entrepreneurs to expand micro-mobility services in several small cities and towns on a smaller scale to start with,” Mr. Upadhyay, added.
Yulu expects entrepreneurs to come up with investment proposals to start the business, while technology support, training, charging infrastructure, technical know-how and bikes, made by Bajaj Auto, will be provided by Yulu.
Batteries and battery infrastructure services will be provided by Yuma Energy, which is a joint Venture (JV) between Yulu and Magna International, a global player in automotive components and technology. “There is huge scope for micro-mobility in our country. Our plans for small cities and towns are still in the discussion stage,” Mr. Upadhyay said on the sidelines of EV & Connected Mobility Innovation Forum.
Yulu Bikes on Thursday raised ₹160 crore in equity funding from existing investors Magna and Bajaj Auto Ltd. Bajaj Auto invested an additional ₹45.75 crore in the company raising its stakes to 18.8%.
Amit Gupta, co-founder and CEO, Yulu, said the equity infusion will help the company fast-track its growth plans.
Yulu currently operates 30,000 EVs and it claims to have prevented more than 20 million kilograms of CO2 emissions.
