India's Yulu Bikes in talks with Canada's Magna to raise funds for new battery entity

Photo: Yulu Bikes's Facebook

Electric mobility startup Yulu Bikes Pvt Ltd is in advanced discussions to raise significant capital from Canadian auto parts maker Magna International for Yulu Energy Pvt Ltd, a newly-formed entity for managing its two-wheeler battery charging and swapping business, DealStreetAsia has learnt.

Yulu Bikes is an Indian electric bicycle and scooter rental startup that is backed by Bajaj Auto, Blume Ventures, 3One4 Capital, WaveMaker, and Rocketship. It has operations in Bangalore, Pune, Greater Mumbai, and Bhubaneswar, according to the company’s website.

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