Yulu, an Electric two-wheeler startup Yulu plans to raise $100 million to expand its business model to grab a larger pie of the growing last-mile mobility segment.
Yulu, has created the country’s largest battery as a service network with 3 million battery swaps till date. It is planning to expand its fleet to 100,000 units by 2022’s end with 10,000 units current units. The model aims to reach newer cities and cater to personal buyers in the upcoming year. So far, the company has raised $30 million in equity capital.
In a combination of equity and debt to accelerate growth, the company has an outlay of $100 million. Amit Gupta, founder and CEO Yulu looks forward to 10x growth in the upcoming year. He said, “All the tailwinds lead it to usage – policies, the adoption, which is primarily led by the food delivery and grocery companies will drive the growth.” The upcoming funding round will include both the new and existing investors.
Yulu is the largest shared electric mobility platform in the country with three million battery swaps so far. It has a deep partnership with two-wheeler maker Bajaj to help curate its future strategy.
Meanwhile, Yulu even unveils a new range of electric two-wheelers, both for developed personal as well as last-mile mobility, with a fourth-generation battery built on the Bajaj Auto platform. Beyond Yulu Dex and Yulu Miracle, Yulu Express with mid-speed to carry higher payload is in the pipeline for the e-commerce space.
He said, “From overall look and feel it will be very different. It will be jazzier, personality and meat overall. Under the hood, it will be the same reliable set of motors, controllers and battery.”
In 2017, it was founded by Amit Gupta, RK Misra, Hemant Gupta and Naveen Dachuri to cater to cleaner urban commute, it has onboard marquee investors like Bajaj Auto, Blume, 3One4, WaveMaker, and Rocketship. It is adopting a cluster-based approach on pin codes to cater to high-demand areas.
In Delhi-NCR, Mumbai, and Bengaluru, it even provides urban Mobility-as-a-Service (uMaaS), which will expand to 10 locations including other major metros and tier 1 cities. Yulu believes India has the largest potential market for micro-mobility, with $26 billion offered by just the top 10 cities. The company is likely to generate $100 million in revenues this financial year.
Rides of Yulu are 35% cheaper than petrol counterparts and cleaner too has helped save over 10,000 metric tonnes of CO2 emissions so far.
Gupta said Youlu’s vision is to make city mobility seamless, shareable, and sustainable by making the company country’s largest AI-powered, vertically integrated battery infrastructure for electric two-wheelers.