Yulu, a Bangalore based micro-mobility service provider, has announced that it has received funding of ₹300 million (~$4 million) from Rocketship.VC. Yulu provides a smart rental platform for bicycles and electric bikes through a mobile app.
According to Yulu, this investment will be used to strengthen its platform and technology solutions that will enable it to scale services across India rapidly. So far, Yulu has raised more than $20 million (~₹1.5 billion) in funding from key investors like Bajaj Auto Ltd, Blume Ventures, 3one4 Capital, Wavemaker, and now US-based Rocketship.
The company added that it had recently conducted a user survey, which revealed that safety from coronavirus is the topmost concern of commuters. Considering the present situation caused by the COVID-19 outbreak, the company states that Yulu has started working towards providing people with safe and sanitized commuting.
Euler Motors, a Delhi NCR based electric vehicle manufacturer, had also raised ₹200 million (~$2.66 million) as part of its ongoing Series A funding; which was led by Inventus Capital India, a Bengaluru-based venture capital firm.
In April 2020, Mercom had reported that the sale of electric vehicles in India went up by 20% in 2019-20. The EV industry sold 156,000 electric vehicles in the financial year 2019-20. The increase of 20% came mostly from electric two-wheelers. Of the electric two-wheelers that were sold in FY19-20, 97% were electric scooters, and a very small volume of motorcycles and electric cycles filled the rest of the 3%.
As per the Union Budget announcement, imported EVs are going to get costlier with the government increasing the customs duty on various kinds of such vehicles as the government pushes for local production. The government has allocated ₹6.93 billion (~$96.8 million) for the Faster Adoption and Manufacturing of (Hybrid) and Electric Vehicles in India (FAME-India) program for the financial year 2020-21.