Indian micro mobility startup Yulu secures funding from US investor

Photo: Yulu Bikes's Facebook

Yulu Bikes Pvt Ltd has raised a fresh infusion of 30 crore in equity funding led by US-based venture capital firm Rocketship and other existing investors, the micro mobility startup said on Monday.

The electric bicycle and scooter rental startup is targeting commuters’ first and last mile connectivity requirements via dockless, battery-powered two-wheelers. The startup began operations in Bangalore in 2017 and has expanded to Pune, Delhi, Mumbai and other cities.

“The new investment will be used for further strengthening the mobility platform, technology solutions, and enabling rapid expansion,” the electric bicycle rental startup said in a note.

Yulu has previously raised more than $20 million in funding from key investors such as Bajaj Auto Ltd, Blume Ventures, 3one4 Capital, Wavemaker, among others. With more than 18,000 electric bikes on the road, Yulu claims to be the country’s largest EV-led micro-mobility platform.

The startup said that it is seeing a V-shape recovery post-lockdown due to the surge in demand for solo rides amid the coronavirus pandemic.

“Electric Mobility comes with its own challenges of charging infrastructure and range anxiety. Yulu has overcome these challenges by its proprietary internet-of-things or IoT-driven and highly scalable charging infrastructure. Yulu has developed a robust EV ecosystem right from in-house vehicle design to setting up of highly scalable battery swapping infrastructure and on-ground operations to accelerate the adoption of EVs in India,” said R.K. Misra, co-founder and president, ecosystem partnerships at Yulu.

In November last year, Bajaj Auto had announced an investment of $8 million in Yulu, which marked the former’s first ever infusion in a startup. Under the arrangement with the motorcycle manufacturer, Yulu plans to co-design, develop and source electric vehicles for micro mobility applications from the Pune-based company.

According to Yulu co-founder Amit Gupta, users find frequently sanitized single-seater Yulu electric bikes as a safe mode of commuting during the coronavirus pandemic.

“It is becoming increasingly evident that shared mobility platforms like Yulu will lead the large scale adoption of electric vehicles in India,” Gupta added.

The article was first published on livemint.com

 

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.