Bajaj Auto Ltd, Magna International increase stakes in Yulu

Preeti Bali / 1:27 pm / March 1, 2024

Yulu, a Bengaluru-based company that provides shared electric vehicles, is planning to expand its operations to seven more Indian cities. The company currently operates in Bengaluru, Delhi, and Mumbai. Yulu is also looking to partner with entrepreneurs to launch micro-mobility services in smaller cities and towns.

“We are going nationwide in a phased manner,” said Amit Upadhyay, Head of Strategy and Product-EVs at Yulu. “We will be operating in 10 cities, and we are also looking to collaborate with entrepreneurs to expand micro-mobility services in several smaller cities and towns on a smaller scale to start with,” Mr. Upadhyay added.

Yulu is looking for entrepreneurs to invest in starting the business. Yulu will provide technology support, training, charging infrastructure, technical know-how, and electric bikes made by Bajaj Auto. Yuma Energy, a joint venture between Yulu and Magna International, will provide batteries and battery infrastructure services.

“There is a huge potential for micro-mobility in our country,” said Mr. Upadhyay. “Our plans for smaller cities and towns are still under discussion.”

Yulu recently raised ₹160 crore in equity funding from existing investors Magna and Bajaj Auto. Bajaj Auto invested an additional ₹45.75 crore in the company, increasing its stake to 18.8%.

Yulu currently operates 30,000 electric vehicles and claims to have prevented more than 20 million kilograms of CO2 emissions.

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