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Yulu will get Rs 653 crore in contemporary spherical of funding | Autocar India

Written by Ravi Kapoor

Yulu goals to extend its EV fleet, and battery charging and swapping stations with this funding.

Yulu, the shared electrical mobility firm, has introduced the infusion of USD 82 million (approx. Rs 653 crore) of their Sequence B funding led by mobility know-how firm Magna Worldwide Inc. Present buyers, together with Bajaj Auto, additionally participated on this funding spherical.

With this spherical of funding, Yulu goals to extend its EV fleet to over 1,00,000 electrical two-wheelers, together with establishing over 500 battery charging and swapping stations within the subsequent 12 months.

Amit Gupta, co-founder and CEO, Yulu (Bikes Pvt Ltd) stated, “We are able to clearly see a 100X development alternative for Yulu in each the Mobility-as-a-Service (MaaS) and Battery-as-a-Service (BaaS) companies within the subsequent three-four years. Our focus now might be to ascertain a strong and agile provide chain and scale-up our operations and discover new markets.”

Matteo Del Sorbo, govt vice-president, Magna Worldwide and world lead of Magna New Mobility stated, “That is an extremely thrilling time for Magna to contribute to a sustainable future in city mobility by means of this funding in Yulu. Micromobility presents an amazing alternative for added development for Magna, and becoming a member of forces with Yulu helps us increase our enterprise.”

Presently, Yulu has a profitable strategic partnership with Bajaj Auto, and, over time, have been collaborating on product design, know-how platforms, engineering processes and manufacturing. Yulu’s subsequent technology of electrical two-wheelers will roll out of Bajaj Auto’s Pune facility by this year-end.

Yulu has constructed profitable partnerships with Bangalore Metro (BMRCL), Delhi Metro (DMRC) and metropolis authorities in Bengaluru (BBMP/DULT), Mumbai (BMC/MMRDA) and New Delhi (NDMC) for each parking and charging infrastructure.

Yulu can be forming a brand new entity, Yulu Power, with Magna to create nation-wide battery charging and swapping infrastructure to cater to the demand from Yulu in addition to automobiles made by different producers. This infrastructure is predicted to cut back the upfront value of shopping for EVs and can speed up the adoption of electrical mobility in India.

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Ravi Kapoor