Bajaj Auto is in advanced talks to pick up a stake in electric scooter rental startup Yulu while IAN said it has successfully exited its investment in Spinny, a used car buying and selling platform.
Bajaj Auto mulls investing in Yulu
Bajaj Auto is in advanced talks to pick up a stake for an investment of about $6-8 million in Bengaluru-based bicycle and low-speed electric scooter rental startup Yulu, The Times of India reported.
Bajaj is currently doing due diligence on the company and the deal may close in the coming weeks. Yulu is looking to raise a total of $15-20 million in the ongoing funding round, and is also in talks to bring in other new investors.
Yulu started off as a bicycle-sharing startup. In February this year, it also expanded its offerings to include dockless, lithium-powered scooters it calls Yulu Miracle. According to Crunchbase, Yulu has raised $7 million in funding to date.
IAN exits used cars platform Spinny
Indian Angel Network (IAN) on Tuesday said it has successfully exited its investment in Spinny, a used car buying and selling platform, marking its third exit this year.
The early investors from IAN, had invested only Rs1.67 crore, and have secured a return of over 3 times in just three years, it said in a statement. IAN’s exit was facilitated by the Rs 13.12-crore investment from SAIF Partners and Accel, at a pre-money valuation of Rs125 crore.
IAN had previously secured multi-fold exits from Noida-based online women’s fashion brand FabAlley.com and a Bengaluru-based start-up TagBox.