Yulu Bikes aiming to raise over $100 million to fund expansion
Yulu Bikes is looking to raise upwards of $100 million in a Series C round to expand operations over the next couple of years.
Yulu, which has a strategic partnership to develop electric vehicles with Bajaj Auto, is looking at more than doubling the fleet of electric two-wheelers it deploys for passenger as well as cargo movement to 80,000 by the end of this fiscal year. The money will also be used to launch new products, extend reach and develop technology, Amit Gupta, cofounder and CEO of Bengaluru-headquartered Yulu Bikes, told ET.
Yulu has raised over $123 million in equity capital — which includes $52 million for Yuma (a joint venture between Yulu Bikes and Magna International) — from investors including Bajaj Auto, Magna International, Blume Ventures, 3one4 capital, Wavemaker, Incubate Fund, Rocketship.vc, and other institutional and angel investors. Yulu has also secured $12 million in debt financing from the US International Development Finance Corporation and Northern Arc. Bajaj Auto had an 18.8% stake in Yulu Bikes as of February 2024.
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Yulu currently has a fleet of 35,000 electric two-wheelers operational in five cities in the country.
“We had started Yulu Bikes as a passenger mobility service. Post-covid there has been a structural change in consumer behaviour. There is a growing preference for delivery services because of increased use of online platforms for purchasing food, groceries and medicines. Yulu
