Friday, April 26, 2024
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Ev Start Up

The company will utilise the fund to meet its working capital needs

EV battery manufacturing facilities would require 2,400 acres of land to accommodate the production of 200 GWh of batteries by 2030

The company, which is planning to enter new cities like Mumbai, Pune and Hyderabad is targeting a revenue of Rs 500 crore this year, up from Rs 125 crore last year

The remaining 8,000 of these vehicles will be deployed over the next two months, Zypp Electric said.

In October last year, the company announced deferring deliveries of its maiden scooter to the March quarter.

The development comes six months after raising $60 million in its Series C funding round led by Singapore's sovereign wealth fund GIC

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 company also announced the launch of a 250 km range electric three-wheeler Vicktor at an introductory price of Rs 5 lakh (ex-showroom Delhi post-government subsidy) for the last-mile delivery segment on the occasion of the 'World EV Day'