The well-known electric bike startup Yulu does not need an introduction because of its amazing popularity around the country. Yulu is a Bengaluru-based company that offers technology-driven electric two-wheelers with low-speed vehicle services. Yulu has a valuation of $180.8 million as of September 2022 and it has raised funding recently in February 2024 from existing investors. The company is now operating in other cities like Delhi, Gurugram, and Navi Mumbai. People use Yulu Bikes for short distances with easy-to-use features.
According to the details, Yulu has raised $19.25 million from existing investors Bajaj Auto and Magna. The company stated that this funding will help it maintain existing growth and strengthen its leadership in the market. Co-founder and CEO Amit Gupta has shared that Yulu has seen s significant rise in the demand in the past quarters.
Yulu CEO Amit Gupta has confirmed that the company is looking to raise more funding through its Series C funding round this year. He said Yulu aims to strengthen the mobility-as-a-service (MaaS) segment by deepening existing business lines and expanding into new use cases and geographical areas.
The company has also partnered with giant delivery partners in the country such as Zomato, Swiggy, and Zepto. Also, Yulu is planning to bring an Initial Public Offer by 2026. Currently, Yulu is focusing on its financials and improving its revenue, and profitability, so it will gain the trust of investors in the future.
The Bengaluru-based company’s revenue rose 44% to ₹42 crore in FY23, but its losses widened 71% to ₹95 crore during the year. You can read the financials of the company on their website.