Yulu, a leading player in shared shared electric two wheeler mobility space, plans to launch about 100,000 vehicles on Indian road by end of 2023, having doubled its fleet present on road in the last three months.
Yulu is strategic partner of Bajaj Auto(for Bajaj Auto’s electric two wheelers segment). Bajaj Auto owns about 19% equity in Yulu and Magna picked up about 9% equity in the company recently.
Yulu plans to invest US $500 over the next three years to ramp up its fleet of shared electric two wheelers to one million by 2025. According to Amit Gupta, CEO of Yulu Motors, he plans to raise this fund through debt.
Amit Gupta further mentioned that they are looking at 10x growth in revenues and 100x growth in fleet, through individual and last mile delivery partners. Yulu will diversify its business model and add franchisee partners for shared mobility. It is also looking at selling electric scooters to individuals later in the year.
Yulu wants to capitalise on both the partners international reach and aspires to partner franchisees who want to deploy EVs.
Yulu is also looking beyond India for growth. They are considering the market of South East Asia and Latin America, where many local players have shown interest in Yulu platform.
Yulu’s fleet operates on swappable batteries, which is powered by Yuma Energy. Presently there are around 100 Yuma stations across Bengaluru, Mumbai and Delhi, which Yulu plans to scale it up to 500 by 2024.
