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Electric bike-sharing platform Yulu Bikes on Friday said it has secured USD 19.25-million (Rs 160 crore) capital in equity funding through the issuance of shares to the company's existing strategic investors-- Magna and Bajaj Auto Ltd. The capital infusion will enable Yulu to maintain its growth streak and will strengthen its market leadership as it expands its reach in terms of vehicles, operational locations, and product and technology innovation to keep up with the rise in demand from users, the company said in a statement. On Thursday, Bajaj Auto said in a regulatory filing that it has raised its stake in Yulu Bike to 18.8 per cent of the paid-up equity share capital with an additional Rs 45.75 crore investment in the company. The company claims it has seen a nearly 5x leap in revenue over the last year. Yulu also said that it is on track to raise its Series C round of funding soon. The equity infusion will help the company fast-track its growth plans, said Amit Gupta, Co-foun
Bajaj Auto on Thursday said it has invested an additional Rs 45.75 crore in electric bike-sharing platform Yulu Bikes. Post the fresh investment, the company's shareholding in Yulu Bikes stands at 18.8 per cent of the paid up equity share capital of the electric bike-sharing platform, Bajaj Auto said in a regulatory filing. In 2019, Bajaj Auto announced an investment of USD 8 million (around Rs 66 crore) in Yulu to boost electric vehicle adoption in India.
Electric bike-sharing startup Yulu has joined hands with food delivery platform Zomato for providing 25,000-35,000 units of its purpose-built e-scooter DeX to the latter's delivery partners for last-mile delivery on custom-made rental plans, a statement said on Monday. Once deployed, these e-scooters have the potential of serving three-lakh green deliveries every day by 2026, Yulu said in a statement. According to the company, rising fuel prices and financial challenges are significant barriers for youth who want to onboard themselves as delivery partners. Yulu said it provides flexible rental packs and allows delivery partners to earn higher earnings compared to ICE-powered vehicles. With Yulu's deep understanding of the delivery ecosystem, purpose-built product DeX, robust operations and a wide network of battery swapping stations, our solutions can improve earnings of delivery partners by up to 40 per cent, said Pradeep Puranam, head of revenue and operations at Yulu. Yulu said