We are excited to share that Yulu has raised $82 million in a Series B funding round led by the world’s largest supplier in the automotive space – Magna.
Magna and Yulu have collaborated to form a new entity – Yulu Energy. This partnership will scale Yulu’s fleet, and battery charging & swapping network capacity by 10x, boosting EV adoption in India. This Battery-as-a-Service (BaaS) entity will also unlock the potential of Yulu’s network and its software expertise – enabling it to target 15 more cities in the next 18 months.
Yulu will also roll out its next generation of two-wheelers by the end of 2022 in partnership with Bajaj Auto. This collaboration will support Yulu’s efforts in enhancing its tech platforms, engineering processes, manufacturing capabilities, and product designs.
The strategic partnership with Magna and Bajaj will help Yulu accelerate its network growth nationally. The company will also launch its battery charging solution in multiple cities to support nationwide EV infrastructure development. Its EV network has already saved >10K metric tonnes of CO2 emission.
Central to Yulu’s success is its ability to identify the pain points of the average, urban commuter and address it with solutions that are inclusive, sustainable, and scalable. For instance, Yulu firmly placed itself at the forefront of the micro-mobility revolution by tapping into a $26 billion market across 10 cities with a total population of 120 million. It also understood that 65% of all trips in urban spaces were last-mile and below 5Km. While the problem was clear, Yulu put the average, cost-conscious commuter at the heart of its problem-solving roadmap to create EV-first two-wheelers to help connect public transportation networks to workplaces, residential areas, and other public spaces.
One of the key milestones that marks a breakthrough in Yulu's mission for cost and time-efficient last-mile commute is that it is the only company to sign MoUs with major city governments. The company has partnered with metro and city authorities across Bengaluru, Delhi, and Mumbai to build parking & charging infrastructure, and dedicated micro-mobility lanes. Further, it plans on adding 100,000 electric two-wheelers to its current fleet of 10,000, and 500 battery swapping & charging stations over the next year.
As India’s largest EV-first micro-mobility platform, Yulu has also proven viability for last-mile goods delivery with massive scalability potential, supply chain expertise, positive unit economics, and operational excellence.
As India’s first VC PRI signatory, we continue to nurture our commitment to ESG-aligned tech businesses like Yulu. At 3one4, we are grateful to have partnered with and supported the growth of an iconic EV, micro-mobility solution from the seed round.