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Electric mobility startup Yulu has raised $82 Mn (INR 653 Cr) in its Series B funding round led by the US-based mobility technology company Magna International Inc.

Existing investor-Bajaj Auto Ltd also participated in the funding round.

Yulu plans to use the raised capital to fortify its leadership via product and tech innovation. It also plans to expand its EV fleet to 1 Lakh+ EV two-wheelers.

With this fundraising, Yulu will also form partnership with Magna thus, creating a battery swapping infra that comprises an interoperable battery system.

“This is an incredibly exciting time for Magna to contribute to a sustainable future in urban mobility through this investment in Yulu. Micromobility presents a great opportunity for additional growth for Magna, and joining forces with Yulu helps us expand our business into this rapidly growing sector,” Matteo Del Sorbo, executive vice president at Magna International, said. 

Founded in 2017, Yulu provides sustainable mobility solutions in Bengaluru, Mumbai, and Delhi-NCR. It also offers an AI-enabled battery-as-a-Service (BaaS) platform to electric vehicle users.

“We can clearly see a 100X growth opportunity for Yulu in both BaaS and MaaS businesses in the next three-four years. As the market leader in electric mobility, our focus now will be to establish a robust and agile supply chain and scale-up our operations. We will go deeper & denser in our existing markets and explore new areas while delivering a great customer experience,” Amit Gupta, cofounder and CEO, Yulu (Bikes Pvt Ltd) said.

Yulu claims to have completed over 3.5 Mn battery swapping operations to date. It is further planning to expand its battery charging and swapping infra by introducing over 500 stations. 

It is further looking to add over 500 battery charging and swapping stations to its existing EV fleet in the next 12 months. 

Yulu in collaboration with Bajaj Auto Ltd is developing product design, engineering and manufacturing processes. Besides, Bajaj will roll out Yulu’s EV vehicles from its Pune facility by the end of this year (2022).

The EV startup claims to have offered first and last-mile mobility services to millions of users along with employing thousands of gig workers. 

It has formed associations with several public entities such as Bangalore Metro (BMRCL), Delhi Metro (DMRC), Bengaluru (BBMP/DULT), Mumbai (BMC/MMRDA) and New Delhi (NDMC).

In the sustainable mobility space, it faces competition from EV startups such as Exponent Energy, TATA Power and Ather Grid, among others.

According to a report, the country’s EV industry is likely to grow at a CAGR of 94.4% during 2021-30.