The company has risen $8 million in Series A funding
TheYulu Forged, an electric bike start-up based out of Bangalore in collaboration with Uber, announced that it got backing from one of the major carmakers of India, Bajaj. The company is still new as it started its operations two years back forge a strategic partnership with Bajaj. Bajaj also participated in $8 million Series A round of financing for Yulu. Amit Gupta stated that in future Bajaj will plan and manufacture next-generation bikes for Yulu.
Bengaluru is the first city that Yulu started off, now it has spread its business in New Delhi, Mumbai, Pune, and in the process of expanding it to other cities as well. The firm has raised $16.5 million from Venture Capital to date the money that was raised through debt is not revealed by the company.
The growth encouraging expansion in infrastructure
The company has a fleet of 3,000 electric bikes, which can be used through its app on the phone. The customer can rent the bike from any Yulu zone for just 14 cents and end the ride in the nearest zone, no need for a driving license. Gupta was quite optimistic about the future as he elaborated on the company’s plan to have 100,000 bikes in its armada by the end of next year.
The partnership with Bajaj will help the firm to get the bikes made in India which was earlier sourced from China. The automaker which has lots of experience will produce quality bikes for Yulu now on. “In Yulu we find an experienced and committed partner with the robust achievement of success metrics in a very short time. And this is why we decided to partner with them in their journey of bringing Yulu service to every neighborhood of Urban India,” said Rajiv Bajaj, Managing Director of Bajaj.