Yulu, an electric mobility startup, has secured $19.25 million (INR 160 crore) from its existing strategic investors Magna and Bajaj Auto Ltd. With this new funding, the platform aims to strengthen its market leadership by expanding its fleet and operational areas and investing in product and technology innovation to meet the growing demand from users.
Yulu was started in 2017 by Amit Gupta, RK Misra, Naveen Dachuri, and Hemant Gupta. They offer electric transportation services in Bengaluru, Mumbai, and Delhi NCR. Yulu also has a smart battery service for its electric vehicle users.
Yulu’s Growth Plans and Vision
Yulu, the electric mobility startup, has navigated through both successes and challenges in its journey thus far. Yulu, led by cofounder and CEO Amit Gupta, has experienced a remarkable 5x increase in revenue over the past year. With significant funding rounds and a commitment to innovation, Yulu has become a key player in the mobility-as-a-service (MaaS) sector. With the recent funding infusion, the company is determined to sustain this growth trajectory.
Gupta emphasized that the equity injection will expedite Yulu’s growth plans. He highlighted the surge in demand in the last few quarters, especially in their shared electric vehicle (EV) services. These services have revolutionized urban deliveries by promoting green practices and facilitated livelihoods through innovative product features, technology-driven operations, and enhanced customer experiences.
Looking ahead, Gupta revealed Yulu’s intention to secure its Series C round of funding in the near future. The company aims to reinforce its position in the mobility-as-a-service (MaaS) sector by strengthening existing business lines, exploring new use cases, and expanding into different geographical areas. To achieve these objectives, Yulu plans to raise additional funds later in the year, leveraging the significant interest shown by institutional investors.
In essence, Yulu is committed to advancing its mission of sustainable mobility while continually innovating and expanding its offerings to meet evolving market demands.
Yulu’s Financial Performance
In 2022, Yulu made headlines by securing $82 million (INR 653 crore) in its Series B funding round, spearheaded by Magna, alongside existing investor Bajaj Auto Ltd. However, in the financial year 2022-23 (FY23), Yulu faced challenges as its consolidated net loss widened by 71% year-on-year (YoY) to INR 94.9 crore.
Despite this setback, Yulu had made progress in the previous fiscal year (FY22), managing to reduce its loss to INR 55.5 crore while generating an operating revenue of INR 29 crore. Impressively, it experienced a 44% YoY increase in operating revenue, reaching INR 41.7 crore.
These financial fluctuations reflect the dynamic nature of the mobility startup landscape. Yulu’s ability to navigate these challenges and capitalize on revenue growth highlights its resilience and potential for long-term success in the evolving market of electric mobility solutions. As Yulu progresses towards securing additional funding and expanding its presence across new geographies, its commitment to providing green and efficient mobility solutions remains unwavering. With a clear focus on customer experience and product innovation, Yulu is poised to continue making significant strides in reshaping urban transportation landscapes for years to come.
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