changeadminElectric mobility startup Yulu has raised Rs 25 crore in a Series B funding round from Canadian auto parts maker Magna International, which is an existing investor in the company.
Founded in 2017 by Amit Gupta and Naveen Dachuri, Yulu pioneered tech-enabled electric micro-mobility solutions in India. Leveraging IoT as the backbone of its operation, Yulu offers micro-mobility lightweight vehicles that can be rented on a pay-per-use basis.
Yulu’s micro-mobility rides are available in Bengaluru, Delhi, Mumbai, Hyderabad, Pune, Kochi, Indore, and Gurugram.
Over the years, the Bengaluru-based company has expanded its portfolio and now offers electric scooters tailored for short distances, last-mile mobility, and gig‑economy delivery workers.
In 2019, Yulu raised series A funding of $8 million from India’s leading automobile manufacturer, Bajaj Auto. This partnership helped Yulu to source specifically designed electric scooters from Bajaj Auto to enable micro-mobility.
In 2022, Yulu, along with its investor Magna, entered into a joint venture to start a battery-as-a-service (BaaS) company, Yuma.
In 2023, the startup launched Yulu Wynn to provide its customers with the experience of owning its bikes. Manufactured by Bajaj Auto, Wynn comes with a maximum speed of 25 kmph. It comes under the exempted category, where there is no requirement for a driving license or helmet.
Amidst the rapid rise of quick commerce and food delivery in India, micro-mobility and electric vehicle solutions have become crucial for enabling fast, efficient, and sustainable urban logistics.
With increasing demand for instant deliveries, compact EVs like those offered by Yulu provide a cost-effective and agile alternative to traditional fuel-based vehicles, especially in congested city environments. These vehicles not only reduce operational costs for businesses but also help lower carbon emissions and noise pollution.
Moreover, a majority of young gig workers and delivery executives in India don’t own a bike or a driving license; hence, micro-mobility solutions become an obvious choice.
Further, as cities grow denser and delivery timelines shrink, these solutions are emerging as a key driver of last-mile efficiency and environmental responsibility in the booming delivery ecosystem.
However, Yulu should be cognizant of the intensifying competition, with multiple new players and incumbents selling similar solutions.
The electric mobility startup Yulu’s last funding round was in February 2024, when it raised $19 million (about Rs 160 crore) from Bajaj Auto and Magna International at a valuation of $210 million.
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