Yulu secures equity funding from US-based VC firm1 min read . Updated: 22 Jun 2020, 11:54 PM IST
The electric bicycle and scooter rental startup is targeting commuters’ first and last mile connectivity requirements via dockless, battery-powered two-wheelers
Mumbai: Yulu Bikes Pvt Ltd has raised a fresh infusion of ₹30 crore in equity funding led by US-based venture capital firm Rocketship and other existing investors, the micro mobility startup said on Monday.
The electric bicycle and scooter rental startup is targeting commuters’ first and last mile connectivity requirements via dockless, battery-powered two-wheelers. The startup began operations in Bangalore in 2017 and has expanded to Pune, Delhi, Mumbai and other cities.
“The new investment will be used for further strengthening the mobility platform, technology solutions, and enabling rapid expansion," the electric bicycle rental startup said in a note.
Yulu has previously raised more than $20 million in funding from key investors such as Bajaj Auto Ltd, Blume Ventures, 3one4 Capital, Wavemaker, among others. With more than 18,000 electric bikes on the road, Yulu claims to be the country’s largest EV-led micro mobility platform.
The startup said that it is seeing a V-shape recovery post-lockdown due to the surge in demand for solo rides amid the coronavirus pandemic.
“Electric Mobility comes with its own challenges of charging infrastructure and range anxiety. Yulu has overcome these challenges by its proprietary internet-of-things or IoT-driven and highly scalable charging infrastructure. Yulu has developed a robust EV ecosystem right from in-house vehicle design to setting up of highly scalable battery swapping infrastructure and on-ground operations to accelerate the adoption of EVs in India," said R.K. Misra, co-founder and president, ecosystem partnerships at Yulu.
In November last year, Bajaj Auto had announced investment of USD 8 million in Yulu, which marked the former’s first ever infusion in a startup. Under the arrangement with the motorcycle manufacturer, Yulu plans to co-design, develop and source electric vehicles for micro mobility applications from the Pune-based company.
According to Yulu co-founder Amit Gupta, users find frequently sanitized single-seater Yulu electric bikes as a safe mode of commuting during the coronavirus pandemic.
“It is becoming increasingly evident that shared mobility platforms like Yulu will lead the large scale adoption of electric vehicles in India," Gupta added.