Yulu Gets $8M Investment by Bajaj Auto for Micro-Mobility

Spread the love

Yulu is a Bengaluru-based start-up for micro-mobility two-wheelers. On November 26th, 2019, Bajaj Auto Limited, a big player in the two-wheeler market, announced that it is investing $8 million in Yulu. Together they will co-create and manufacture electric tow-wheelers for shared micro-mobility.

The focus of Yulu is to transform the commuting systems in urbanized towns in partnership with Bajaj Auto. Bajaj will also consider financing the large scale Yulu micro-mobility electric vehicles’ stationing requirements. Yulu currently has 3000 EVs and 8500 scooters. With the help of Bajaj Auto, the aim is to increase the number to 100K electric scooters by the end of 2020.

Yulu launched 40 Yulu-Zones or stations in Delhi in September 2019, where one can rent an electric scooter for transportation around the city. Yulu plans to seek help from Bajaj Auto for research and development in the micro-mobility sector, along with increasing manufacturing. Yulu-Zones have also been set-up in Bengaluru, Mumbai, Pune, Navi-Mumbai, and Bhuvaneshwar and are operating smoothly. A significant invest from Bajaj Auto can help them reach their services to more cities for a cleaner and safer mode of transport.

Previously companies such as Blume Ventures, 3One4, Wavemaker Partners, Incubate Fund India, Grey Cell Ventures, and others have invested in Yulu. In 2017  Amit Gupta, along with RK Misra, Naveen Dachuri, and Hemant Gupta, founded Yulu. By March 2019, the company had raised $7 million.

With the new funding in place, Yulu plans on sorting out issues with charging the vehicles. They are placing charging boxes in collaboration with certain local stores. These boxes can charge up to 15 batteries at one time.

Together, Yulu and Bajaj Auto plan on making commuting in urban towns eco-friendly and efficient for a healthy and pollution-free transport system.

Startup Urban

Startup Urban is a platform that shares the success stories of entrepreneurs to boost entrepreneurship and encourage startups.