Yulu gets fresh Rs 653 crore funding led by Magna International and Bajaj Auto

The Yulu Max battery swapping and charging station at Lajpat Nagar Metro Station, New Delhi

Yulu, the shared electric Mobility-as-a-Service (MaaS) and Battery-as-a-Service (BaaS) company, today announced the infusion of $82 million (Rs 653 crore) in Series B funding round, led by mobility technology company, Magna International Inc. Existing investors including Bajaj Auto also participated in the round

With this round of funding, Yulu aims to further strengthen its leadership through product and technology innovation, and increase its EV fleet to more than 100,000 electric two-wheelers along with over 500 battery charging and swapping stations in the next 12 months. This business expansion will lead to Yulu becoming free cash-flow and will lay the foundation for exponential growth.

Yulu’s CEO Amit Gupta (right) and Matteo Del Sorbo, EVP, Magna International.

Amit Gupta, co-founder and CEO, Yulu (Bikes Pvt Ltd) said, “We can clearly see a 100X growth opportunity for Yulu in both the BaaS and MaaS businesses in the next three-four years. As the market leader in electric mobility, with a proven business model built on positive unit economics, our focus now will be to establish a robust and agile supply chain and scale-up our operations. We will go deeper & denser in our existing markets and explore new areas while delivering a great customer experience. We welcome Magna onboard with our shared vision to create a sustainable and scalable EV ecosystem in India and beyond.”

Matteo Del Sorbo, executive vice-president, Magna International and Global Lead of Magna New Mobility said, “This is an incredibly exciting time for Magna to contribute to a sustainable future in urban mobility through this investment in Yulu. Micromobility presents a great opportunity for additional growth for Magna, and joining forces with Yulu helps us expand our business into this rapidly growing sector.”

Yulu has a successful strategic partnership with India’s Bajaj Auto. Over the years, Yulu and Bajaj have been collaborating on product design, technology platforms, engineering processes and manufacturing. Yulu’s next generation of electric two-wheelers will roll out of Bajaj Auto’s Pune facility by this year-end.

As a market leader in the first  and last mile mobility business, Yulu has built successful partnerships with Bangalore Metro (BMRCL), Delhi Metro (DMRC) and city authorities in Bengaluru (BBMP/DULT), Mumbai (BMC/MMRDA) and New Delhi (NDMC) for both parking and charging infrastructure. 

Yulu Energy to set up all-India battery swapping and charging network
Yulu is also forming a new entity, Yulu Energy, with Magna to create nation-wide battery charging and swapping infrastructure to cater to the demand from Yulu as well as vehicles made by other manufacturers. This infrastructure is expected to reduce the upfront cost of buying EVs and will accelerate the adoption of electric mobility in India.