December 1, 2023

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Yulu receives $82 million in Sequence B funding from Magna Worldwide

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By CNBCTV18.com ist (revealed)

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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.

With the assistance of this funding, Yulu will have the ability to develop its EV fleet to over one lakh electrical two-wheelers and set up over 500 battery charging and swapping stations over the subsequent 12 months. The subsequent section of development is anticipated to be triggered by the enlargement of this firm, which can assist Yulu develop into cash-flow-free.

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.

Yulu already has a robust strategic alliance with Bajaj Auto, a two-wheeler main, and is collaborating with the corporate on product design, know-how platform, engineering processes and manufacturing. By the tip of this yr, Yulu’s newest line of electrical two-wheelers will go away the Bajaj manufacturing facility in Pune.

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.

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