The new cash will allow Yulu to continue its growth trajectory and extend its market leadership as it expands in terms of cars, operational sites, and product and technology innovation, according to a press release.
Yulu raised $82 million in equity capital in September 2022, lead by US-based Magna International in a Series B round. The company also raised $3 million in debt funding in January of this year. The business has raised more than $130 million to date.
Yulu, a six-year-old electric bike company, provides last-mile connection via an EV charging and battery swapping network. It offers urban mobility as a service (MaaS) in Bengaluru, Mumbai, and Delhi-NCR.
Yuma, a joint venture between Yulu and Canadian automotive supplier Magna, has completed more than 6.5 million exchanges to date.
Amit Gupta, Yulu co-founder and CEO, said that the company is on track to raise its Series C round soon.
“Yulu will continue to strengthen its leadership in the mobility-as-a-service (MaaS) segment by deepening existing business lines and opening up new use cases and geographies. Hence, we will look to raise additional funds to power our growth. We are gratified to see a lot of inbound interest from institutional investors and will raise additional capital later this year”
According to startup data intelligence platform TheKredible, Yulu generated Rs 41.74 crore in revenue from operations in FY23, compared to Rs 29 crore in FY22. During the period, their losses increased from Rs 55 crore to Rs 95 crore. According to Yulu, its revenue has increased roughly fivefold during the last five years.
The startup competes against Zypp Electric, Bounce, and Ebikego, among others.
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