Indian EV startup Yulu bags $82 million in funding

Oluwajuwonlo Afolabi -

Yulu, an electric vehicle-making startup based in India has raised $82 million in its new funding round led by Magna International Inc., based in the US, with participation from Bajaj Auto Ltd.

  • The fund will be used to scale its mobility and battery swapping business, the EV startup claims. It will also be used to increase its EV fleet to 100,000 and 500 plus battery charging and swapping stations in the next 12 months.
  • The startup has partnered with Bajaj Auto Ltd on two-wheeler manufacturing, including product design, technology platforms, engineering processes, and manufacturing. It would take delivery of electric two-wheelers from Bajaj by the year-end, it claims.
  • Yulu offers micro-mobility solutions that reduce traffic congestion and air pollution in India. It has further partnered with Magna International to create nationwide battery charging and swapping infrastructure to cater to demands from Yulu and other EVs.
  • Amit Gupta, CEO and co-founder of Yulu says the firm sees a growth opportunity in Battery-as-a-Mobility (BaaM) and Mobility-as-a-Service (MaaS) in the next three to four years and it will focus on having a robust supply chain and scaling up operations while going deeper in its new markets and the existing ones.