Mumbai: Electric bike-sharing platform Yulu Bikes on Friday said it has secured Rs 160 crore ($19.25 million) capital in equity funding through the issuance of shares to the company’s existing strategic investors– Magna and Bajaj Auto Ltd.
The capital infusion will enable Yulu to maintain its growth streak and will strengthen its market leadership as it expands its reach in terms of vehicles, operational locations, and product and technology innovation to keep up with the rise in demand from users, the company said in a statement.
On Thursday, Bajaj Auto said in a regulatory filing that it has raised its stake in Yulu Bike to 18.8 per cent of the paid-up equity share capital with an additional Rs 45.75 crore investment in the company.
