Yulu raises $19.25 mn from Magna and Bajaj Auto, eyes expansion & new product launch
Shared mobility services provider Yulu Bikes has raised $19.25 million (about Rs 160 crore) from existing strategic investors Magna and two-wheeler maker Bajaj Auto, with which it has a strategic partnership to develop electric vehicles (EVs).
The money will be used to launch a new product, extend reach and develop technology, Amit Gupta, co-founder and CEO of Bengaluru-headquartered Yulu Bikes, told ET, adding that the equity infusion will help the company fast-track its growth plans.
