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Electric mobility startup Yulu raised Rs 25.7 crore in a Series B fundraise from Canadian auto parts manufacturer Magna International.

According to a Registrar of Companies filing, the company’s board approved the allotment of 1,826 Series B3 Compulsory Convertible Preference shares (CCPS) on a rights basis at Rs 1,41,226.34 apiece, having a face value of Rs 100.

Magna’s top-up investment comes after the EV two-wheeler company participated in a Rs 160 crore fundraise in February this year, along with existing investor Bajaj Auto.

The funding comes at a crucial time for Yulu, which is seeing heightened demand for its electric two-wheelers in the last-mile delivery category, largely due to growth in quick commerce and hyperlocal deliveries.

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Wiser and stronger: Bounce hopes for a bounceback in scooter rentals, targets gig segment

The Bengaluru-based company, known for its iconic blue bikes, Yulu Miracle, now sees a large chunk of its revenue coming from its Yulu DeX offering that was launched to cater to gig workers.

This product-market fit has also jolted the company’s top-line numbers. In FY24, the Bajaj Auto-backed firm reported a 188% rise in revenue from operations to Rs 119.9 crore.

However, the company also saw its expenses for the period rising, contributing a 51% increase in total losses to Rs 142.8 crore.

The company, at the time of announcing its FY24 results, had disclosed that it planned to double its on-ground presence to 100,000 EVs by this year.