Yulu, an electric mobility start-up has raised Rs 6.53 billion in a funding round led by US-based Magna International Incorporation. The round witnessed participation from existing investors such as Bajaj Auto Limited. The funds raised will be utilised to scale up the start-up’s mobility and battery-swapping businesses. The company also stated that it will use the funding to expand its two-wheeler electric vehicle (EV) fleet to more than 100,000 EVs and more than 500 battery charging and swapping stations over the period of next 12 months.
The company forecasts 100 times growth opportunities in both the battery-as-a-mobility (BaaS) and mobility-as-a-service (MaaS) businesses in the next three-four years. Its focus will be to establish a robust and agile supply chain and scale up its operations. Also, the company plans to form a new entity – Yulu Energy.
Yulu is a mobility platform powered by technology that facilitates integrated urban mobility across public and private modes of transportation. Yulu enables seamless, shared, and sustainable first and last-mile connectivity by utilising micro mobility vehicles via a user-friendly mobile application.