Electric mobility startup Yulu raises $19.25M led by Magna and Bajaj Auto Ltd.

Electric mobility startup Yulu has raised $19.25 million in a fresh round of equity funding led by existing investors Magna and Bajaj Auto Ltd.

The raised capital will help the startup expand its fleet of electric vehicles (EVs) and operational locations and further innovate its products and technology. The funding comes as Yulu aims to solidify its position in the urban mobility sector, mainly focusing on environmentally friendly delivery services.

Expanding presence in urban mobility

Yulu's co-founder & CEO, Amit Gupta, highlighted the company's rapid growth and the increasing demand for its shared EV services. He said these services have notably transformed the urban delivery landscape by promoting green deliveries and supporting livelihoods through innovative product features and technology-driven operations.

Gupta also revealed plans for a Series C funding round later this year, aiming to deepen Yulu's involvement in the mobility-as-a-service (MaaS) segment and explore new use cases and geographical areas.

Bajaj Auto's raises its stake to 18.8% 

Bajaj Auto said it has invested Rs 45.75 crore in Yulu, raising its stake to 18.8%. Yulu, which competes with other e-bike startups like Zypp Electric and Vogo, has partnerships with major players in delivery and e-commerce, such as Swiggy, Zomato, and Zepto.

How well is Yulu performing financially?

Despite a 44% increase in revenue to Rs 42 crore in FY23, Yulu's losses widened by 71% to Rs 95 crore. However, the company is focused on achieving profitability in the first half of this year.

It looks to go public in 2026. The Indian e-bike market, where Yulu operates, is expected to grow significantly, offering ample opportunities for the company's expansion.

So far, Yulu has raised over $130 million in funding. Prior to this, the company raised Rs 25 crore in debt from Northern Arc in January 2024. Blume Ventures, 3one4 Capital, Rocketship.vc, Bajaj Auto Finance, Wavemaker Partners, and U.S. International Development Finance Corp are some of its investors. 

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