Bengaluru-based electric mobility Start-Up Yulu has raised $82 million in the Series B funding round, with the participation of existing investors including Bajaj Auto Limited, the company said in a statement. With the new funding round, which is also the company’s first, Yulu is planning to add more than one lakh two-wheelers to its fleet, and over 500 battery charging and swapping stations in the next 12 months.
The funds will also be utilized to create Magna, a battery swapping platform also known as Battery-as-a-Service to accelerate the electrification of mobility, according to a report by Entrackr. Founded in 2017, the start-up is backed by investors like Bajaj Auto Finance, Magna International, 3one4 Capital, Rocketship.vc, and Blume Ventures.
In 2019, Bajaj Auto Limited invested $8 million in Yulu. The electric vehicle start-up has partnered with the Pune manufacturing facility of Bajaj to deliver the next-generation electric vehicles by year-end. In December last year, the company raised $7 million in funding in the debt round. The company has so far raised $110 million. In FY21, Yulu’s revenue from operations jumped 54 per cent to Rs 13.7 crore, whereas the losses surged more than 220 per cent to Rs 61 crore during the fiscal year ending March 2021, according to Entrackr report.