Yulu bags Rs 653 crore from Magna; to expand footprint

Shared mobility startup Yulu has raised Rs 653 crore in its latest funding round led by US mobility technology company Magna International Inc.

Yulu – which runs around 10,000 electric two-wheelers in Bengaluru, Delhi, and Mumbai – plans to use the money to scale up its fleet, widen its battery-swapping network and expand into more cities.

“We think that the current model of Yulu running and owning an entire operation is good for all Tier 1 cities and there must be a different business model for less-populated cities and we are yet to figure out and take a decision in this regard, but we feel Chennai, Kolkata and Pune are large opportunities,” Amit Gupta, the chief executive officer and co-founder of Yulu, told DH.