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Shared mobility startup Yulu has raised $82 million (Rs 653 crore) in a Series B funding round led by mobility technology company Magna International Inc.

With this round of funding, Yulu will strengthen its leadership through product and technology innovation and increase its electronic vehicle (EV) fleet to more than 1 lakh electric two-wheelers along with over 500 battery charging and swapping stations in the next 12 months. This business expansion will lead to Yulu generating free cash-flow and lay the foundation for exponential growth.

Yulu is forming a new entity, Yulu Energy, with Magna to create a nation-wide battery charging and swapping infrastructure to cater to the demand from Yulu vehicles as well as vehicles made by other manufacturers. This infrastructure, the company believes, would reduce the upfront cost of buying EVs and accelerate the adoption of electric mobility in India.

Amit Gupta, Co-founder & CEO, Yulu Bikes Pvt Ltd, said, “We can clearly see a 100X growth opportunity for Yulu in both the BaaS (Banking as a Service) and MaaS (Mobility as a Service) businesses in the next three-four years. As the market leader in electric mobility, with a proven business model built on positive unit economics, our focus now will be to establish a robust and agile supply chain and scale up our operations.”

He also said, “We will go deeper and denser in our existing markets and explore new areas while delivering a great customer experience. We welcome Magna onboard with our shared vision to create a sustainable and scalable EV ecosystem in India and beyond.”

Matteo Del Sorbo, Executive Vice President, Magna International, and Global Lead of Magna New Mobility said, “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.”

Yulu has a strategic partnership with two-wheeler manufacturer Bajaj Auto Ltd. Over the years, Yulu and Bajaj have been collaborating on product design, technology platforms, engineering processes, and manufacturing. Yulu’s next generation of electric two-wheelers will roll out of Bajaj’s Pune facility by this year-end.

Yulu has served more than a million users in first- and last-mile mobility needs. It has also built successful partnerships with Bangalore Metro, Delhi Metro, and city authorities in Bengaluru (BBMP/DULT), Mumbai (BMC/MMRDA), and New Delhi (NDMC) for both parking and charging infrastructure.