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Bengaluru-based Yulu Bikes Pvt Ltd, on Monday launched the upgraded version of its key variants, Miracle GR and DeX GR, in partnership with Bajaj Auto.

Following the partnership with Bajaj Auto, Yulu expects a significant reduction in costs, with an improvement in its operating metrics and financials as the vehicle has been manufactured using locally-sourced parts and assembly.

“Our partnership with Bajaj Auto was born out of this common vision and this launch will further solidify our position as a market leader in the shared mobility space," Amit Gupta, the founder and chief executive of Yulu, said.

Anuj Tewari, chief financial officer (CFO) said currently the firm is operating its rental model in Bengaluru, Delhi, and Mumbai, and is also considering launching a retail model soon, which is still a work in progress.

The e-mobility firm, which counts US-based Magna International as one of its investors, is also looking to raise debt instead of raising equity, Tewari said, without disclosing any further details.

While Yulu’s second-generation bikes, manufactured in partnership with Bajaj Auto, only used the Bajaj powertrain and battery; this generation of the two vehicles was manufactured completely at the original equipment maker’s (OEM’s) facility.

The two vehicles will be available via Yulu’s existing bike rental model, with the electric mobility firm aiming to bring about 25,000 e-two-wheelers on the road by the end of March.

Yulu Bikes, in November, secured loan of $9 million (around 73 crore) from US government’s Development Finance Corporation (DFC). In September, last year, it raised 653 crore in its Series B funding round, led by US-based mobility technology company Magna International Inc. Existing investors including publicly listed Bajaj Auto also participated in the round.

In the electric mobility space, Ather Energy is set to secure equity capital from an international investor, as the electric two-wheeler maker looks to raise fresh funding to expand its manufacturing capacity and launch new vehicles, VCCircle reported last week.

Meanwhile, private equity firm Multiples Alternate Asset Management and its co-investors on Saturday said that they are investing up to 1,200 crore in Murugappa group company TI Clean Mobility Pvt. Ltd, marking the private equity firm's maiden bet on the fast-growing electric vehicle segment.

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Updated: 27 Feb 2023, 06:09 PM IST
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