
Yulu, a startup in the electric mobility sector, has secured $19.25 million (INR 160 crore) in fresh funding from its current strategic backers, Magna and Bajaj Auto Ltd. This investment will bolster Yulu's position in the market as it expands its fleet, operational reach, and focuses on innovation to meet growing user demand. Founded in 2017 by Amit Gupta, RK Misra, Naveen Dachuri, and Hemant Gupta, Yulu operates in cities like Bengaluru, Mumbai, and Delhi NCR, offering electric mobility solutions and an AI-driven battery-as-a-service platform. The company has reported a significant five-fold increase in revenue over the past year and aims to sustain this growth trajectory with the newly raised capital. Amit Gupta, CEO of Yulu, emphasized that this equity infusion will accelerate the company's growth plans, particularly in advancing its shared EV services which have transformed urban delivery and supported livelihoods. Yulu is also gearing up to secure its Series C funding round to further fuel its expansion and innovation efforts. Despite facing a widened consolidated net loss in FY23, Yulu remains focused on strengthening its position in the mobility-as-a-service segment and has witnessed significant interest from institutional investors for additional funding later in the year.
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