Yulu introduced that it has acquired $82 million (Rs 653 crore) in Sequence B funding led by Canadian mobility know-how firm Magna Worldwide Inc.
Mobility platform Yulu has introduced that it has acquired $82 million (Rs 653 crore) in Sequence B funding led by Canadian mobility know-how firm Magna Worldwide Inc.
Together with Magna, Yulu will set up a brand new firm known as Yulu Power to construct a nationwide infrastructure for battery swapping and charging to fulfill demand for Yulu and different producers’ autos. The enterprise anticipates that this infrastructure will cut back the upfront value of shopping for an EV, which it hopes will speed up the adoption of electrical mobility in India.
The corporate claims that Yulu’s EVs have been used for hundreds of thousands of inexperienced deliveries. Enterprise established fruitful alliances with Bangalore Metro (BMRCL), Delhi Metro (DMRC) and metropolis governments of Mumbai (BMC/MMRDA), Bangalore (BBMP/DULT), and New Delhi (NDMC) for parking and charging infrastructure have achieved. ,
To supply its clients an nearly infinite vary, Yulu gives City Mobility-as-a-Service (MaaS) in Bengaluru, Mumbai and Delhi-NCR. The enterprise additionally claims to have constructed India’s largest AI-powered Battery-as-a-Service (BaaS) platform. Thus far, this community has converted 3.5 million batteries.