Date: February 23, 2024. — Yulu Bikes, a provider of shared mobility services, has raised $19.25 million in capital from previous investors Magna and Bajaj Auto, with whom it has a strategic collaboration for electric car development. The funding will go toward the launch of a new product, growth efforts, and technological upgrades.
Yulu Bikes provides electric two-wheeler services in the National Capital Region (NCR), Mumbai, and Bangalore. In 2024, the company intends to launch a new vehicle designed specifically for e-commerce deliveries and expand its operations to five additional metros. Yulu has raised $104 million from investors, excluding this current round. It has had an approximately 5X increase in revenue during the past year.
Yulu Bikes is a key player in India’s mobility-as-a-service (MaaS) market, providing customers with convenient and cheap transportation solutions. The corporation intends to create a 5 million-vehicle business in India over the next 3-5 years. It also intends to begin conversations about raising funds in the Series C round next quarter to support its expansion.
This funding is a positive sign for Yulu, indicating its potential to become a major player in the shared electric mobility space. The company’s plans to launch a new product suggest that it is looking to cater to a wider audience. Additionally, the expansion of its reach indicates its intention to address the growing demand for sustainable transportation solutions.
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