Startup Funding – Yulu: Like other countries in the world, India is also moving rapidly towards the adoption of electric vehicles. This is also the reason why the country’s EV (Electric Vehicle) sector is now ushering in a new era of services along with traditional resources, which ‘startups’ and ‘their customers’ as well as investors are keen on. have appeared.
In a similar vein, Bajaj Auto-backed shared electric mobility startup Bike Yulu has now secured $9 million (around ₹73 crore) from the US government’s International Development Finance Corporation (DFC). The company has received this investment as a green loan.
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With this money, Yulu will actually be able to move faster towards achieving its goal of massive expansion of last-mile green mobility.
Launched in 2017 by Amit Gupta, RK Mishra, Navin Dachuri, Hemant Gupta, Yulu provides last-mile connectivity services to people through its electric bikes.
The company currently provides urban mobility-as-a-service services in Bengaluru, Mumbai and Delhi-NCR. The platform also runs Yulu Energy.
The company said that over 3.5 million battery swaps have been completed through this platform so far.
According to the company, since its inception, it has made more than 75 million green deliveries using its electric vehicles. Along with this, the company has succeeded in reducing carbon dioxide emissions by 15000 metric tons so far.
Meanwhile, Anuj Tiwari, Chief Financial Officer of the company, said about this investment.
“This investment from a visionary organization in the form of DFC is testament to the company’s vision and operational capabilities at scale. Our services are not only limited to green mobility options but also provide direct and indirect employment opportunities, helping people earn a living. We are very excited about it.”
“As a leader in the electric mobility space, Yulu has served the first- and last-mile mobility needs of millions of users. Additionally, the company meets six of the United Nations’ Sustainable Development Goals.
Earlier in September, the company had secured around $82 million in investment from investors led by Canada’s Magna, with participation from some existing investors including Bajaj Auto.
The company has formed a new unit called Yulu Energy in collaboration with Magna to build nationwide battery charging and swapping infrastructure.
In fact, with this infrastructure built by the company, the upfront cost associated with purchasing an EV is expected to decrease, which can obviously accelerate the adoption of electric mobility in India.