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Yulu Bikes, an electric bike-sharing platform, has successfully secured $19.25 million ( ₹160 crore) in equity funding through the issuance of shares to its existing strategic investors, Magna and Bajaj Auto Ltd.
This capital infusion is set to fortify Yulu's growth trajectory, enhance its market leadership as it expands its operational footprint and vehicle fleet, and invest in product and technology innovation to cater to the escalating demand from users.
Bajaj Auto, in a regulatory filing on Thursday, announced an additional investment of ₹45.75 crore in Yulu Bike, consequently increasing its stake in the company to 18.8% of the paid-up equity share capital.
With a nearly fivefold increase in revenue over the past year, Yulu is gearing up to raise its Series C round of funding, underscoring its strong growth momentum.
Amit Gupta, Co-founder & CEO of Yulu, emphasised the surge in demand for the company's shared electric vehicle services, particularly in urban delivery, contributing to sustainable practices and livelihood opportunities.
The equity infusion will accelerate Yulu's growth plans, consolidating its leadership position in the mobility-as-a-service (MaaS) sector through diversification into new business lines and geographic expansion.
Rakesh Sharma, Executive Director at Bajaj Auto, highlighted the strategic partnership between Bajaj and Yulu, leveraging their combined expertise in consumer knowledge, technology, and manufacturing to drive innovation in shared and last-mile mobility.
Matteo Del Sorbo, Executive Vice President at Magna International and Global Lead of Magna New Mobility, underscored the significance of Yulu's journey in promoting green mobility solutions in emerging markets.
Currently operating 30,000 electric vehicles across Bengaluru, Mumbai, Navi Mumbai, Delhi, and Gurugram, Yulu remains committed to revolutionising urban mobility while promoting sustainability and accessibility.
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