Yulu raises $19.25 million from existing investors Magna and Bajaj Auto

Yulu, India's leading shared micro-mobility service provider has raised $19.25 million in equity funding from its existing strategic investors Magna and Bajaj Auto Ltd.

The company plans to utilize funds to expand upon its business, in terms of its electric two-wheeler fleet, operational locations, and product and technology innovation to keep up with the rise in demand from users.

"Yulu has seen demand speeding up in the last couple of quarters. In particular, our shared EV services have transformed the urban delivery landscape by increasing the share of green deliveries while enabling livelihoods through disruptive product features, technology-powered operations, and a superior customer experience," said Amit Gupta, Co-founder & CEO of Yulu.

"We are delighted that our existing investors Bajaj and Magna, among others, share our excitement and optimism and up their investments to power this growth spurt."

The existing investors in Yulu continue to invest in the company as they see a strong potential in the space of shared and last-mile mobility.

Gupta confirmed that Yulu is on track to raise Series C funding later this year. The company plans to strengthen its leadership in the mobility-as-a-service (MaaS) segment by developing its existing business lines and opening up new cases and geographies.