The success of IIT Kanpur Alumnus Amit Gupta's Bengaluru-based electric mobility start-up Yulu Bikes business model has impressed big ticket investors who have liberally poured in funds for the rapidly rising Mobility-as-a-Service player.
In 2022, Yulu confirmed that it had successfully raised Rs 653 crore in a Series B round of funding led by US mobility technology company Magna International Inc. Besides, Yulu is also backed by 30ne4 Capital, Wavemaker Partners, Rocketship and Bajaj Auto.
With Magna, Yulu created a new entity called Yulu Energy with the idea to create a nationwide battery charging and swapping infrastructure. The partnership targets a capacity of one million battery swaps per day by 2030. "Micromobility presents a great opportunity for additional growth for Magna and joining forces with Yulu helps us expand our business into this rapidly growing sector," said Matteo Del Sorbo, Executive Vice President, Magna International and Global Lead of Magna New Mobility.
Cash-rich Yulu is close to garnering Rs 117.9 crore in revenue for FY23 from its e-bike rental business. Firm plans are in place to enhance the number of charging and swapping stations from the present 100 to 500 across the six major metros during Q1 & Q2 of FY24.
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