Bajaj Auto invests $8m in electric bike start-up Yulu to help transform urban commute in India
Yulu plans to increase to 100,000 shared electric two-wheelers by December next year
Yulu, an Indian-based shared electric-mobility service provider, has entered into partnership with Bajaj Auto, one of the country’s largest automakers. The latter has invested $8 million in the start-up to help “transform urban commute in India in an eco-friendly manner”.
Bajaj will co-design and manufacture Yulu electric two-wheelers specifically for shared micro-mobility, Yulu said in a statement. The company plans to increase its fleet size to 100,000 electric two-wheelers by December next year with an extensive network of its battery-swapping stations across the cities where it operates. A customer does not need a driving licence, can rent the bike through its app, pay for each hour of usage and then park it at the nearest zone.
The fresh round of investment will be used for “further strengthening of the mobility platform and deepening of the technology solutions for rapid expansion,” Yulu said.
Yulu is driving this change in India by building an ecosystem of EV led micro-mobility and aims to expand its services to eight mega cities and selected smart cities under Smart Cities Mission. It currently maintains more than 3,000 electric bikes.
Yulu, which operates in the southern Indian state of Bengaluru and recently entered portions of New Delhi and Mumbai, has raised about $18.5 million from VCs to date.
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