Yulu Secures $19.25 Million Funding From Magna And Bajaj Auto

Yulu, has secured fresh funding of $19.25 million (approximately ₹ 160 crore) through the sale of shares to existing investors, Magna International Inc. and Bajaj Auto. This new capital injection will push Yulu's ambitious goal of placing three million e-bikes for shared riding on Indian roads within the next three years.

The funding comes at a time of significant growth for Yulu, with the company reporting a five-fold increase in revenue over the past year. Yulu currently caters to the mobility needs of over 4 million users across major Indian cities, including Bengaluru, Mumbai, Navi Mumbai, Delhi, and Gurugram.

Amit Gupta, Co-founder & CEO of Yulu, said that the equity infusion will help the company fast-track its growth plans. “Yulu has seen demand speeding up in the last couple of quarters. In particular, our shared EV services have transformed the urban delivery landscape by increasing the share of green deliveries while enabling livelihoods through disruptive product features, technology-powered operations, and a superior customer experience. We are delighted that our existing investors Bajaj and Magna, among others, share our excitement and optimism and have stepped up their investments to power this growth spurt.”

Yulu's fleet currently consists of 30,000 e-bikes and is manufactured primarily at Bajaj Auto's Chakan plant. Additionally, the company partners with Yuma Energy, a leading Battery-as-a-Service (BaaS) provider, and delivery and logistics companies like Zepto and Zomato.

Mr. Rakesh Sharma, Executive Director - Bajaj Auto, said, “Bajaj and Yulu enjoy a strategic partnership and our role extends to beyond being a financial investor. We see very good potential in the space of shared and last mile mobility. Hence, together we continue to leverage our combined expertise in consumer knowledge, technology, and manufacturing to build a class-leading business in this space. We are supportive of Yulu’s plans and the current investment is an outcome of the shared vision and strategy to realise it.”

Amit Gupta, Yulu's CEO also hinted at plans for a Series C funding round in the near future, stating, “Yulu will continue to strengthen its leadership in the mobility-as-a-service (MaaS) segment by deepening existing business lines and opening up new use cases and geographies. Hence, we will look to raise additional funds to power our growth. We are gratified to see a lot of inbound interest from institutional investors and will raise additional capital later this year.”

Yulu offers electric bikes for rent in India, with two main models: Miracle and DeX. Miracle is ideal for personal commutes and costs ₹2.5 per minute to ride, plus a ₹5 base charge. DeX is designed for deliveries and has flexible rental plans, starting at ₹172 per day. Both models are eco-friendly with zero emissions and save you money on fuel and maintenance compared to owning a vehicle.