The company was given a budget of Rs 653 crore starting with bike rental. Yolo, President of Electric Mobility, Magna International Inc. And Bajaj Auto Ltd raised $82 million (Rs 653 crore) in equity to expand its mobility and battery replacement business. The number of electric cars on the world market is growing every day. If you look at the size of the global electric mobile market, it has exceeded the figure of 230.
12 billion dollars by 2020 It is currently expected to grow at a CAGR (compound annual growth rate) of 27.2% from USD 279.45 billion in 2021 to USD 1,507.21 billion in 2028. These figures were published in a report by Fortune Business Insights.Yulu, a startup company. India’s e-mobility as a service (MaaS) and battery as a service (BaaS) joint venture announced that it has raised $82 million (Rs 653 crore) in a Series B funding round.
Magna International Inc. is an American mobile technology company. In addition, existing investor Bajaj Automobiles Ltd also participated in the round. The latest funding will be used by start-ups to develop their products and technological innovations. Over the next 12 months, Yulu will grow its electric fleet to more than 1 million electric two-wheelers with more than 500 charging and battery exchange stations.
Amit Gupta, co-founder and CEO of Yulu (Bikes Pvt Ltd), said, “We see a 100x growth opportunity for Yulu in the BaaS and MaaS business over the next three to four years. As a market leader in e-mobility with proven business models, we will now focus on building strong supply chains and growing our business. We will delve deeper into our existing markets and explore new areas, providing a better customer experience.
We congratulate Magna on our shared vision to create a sustainable and scalable EV ecosystem in India and beyond. “This is an incredibly exciting time for Magna,” said Matteo Del Sorbo, executive vice president of Magna International and global leader of Magna New Mobility. Contribute to a sustainable future of urban mobility with this investment in Ulaanbaatar.
Micromobility represents a huge opportunity for further growth for Magna, and working with Yulu will help us expand our business in this fast-growing region. Yulu and Bajaj collaborate on product design, technology platforms, engineering and manufacturing processes. The next generation of 2 electric wheels will be launched by Pune Bajaj at the end of this year. Yolo served millions of users. By providing qualified, sustainable and affordable motor services, Jols helped thousands of economists join the collection and increase revenue.
Like the bazaar in the first mile and last mile, Jolo successfully joined the parking lot and load, BMRC Metro (BMRC), DMRC (DMRC) and Bangalore (PPMB/ TLT infrastructure), Mumbai (BMC/ MMRDA) and the new. Delhi (NTMC). Battery load infrastructure and moving to meet the demand for ULU vehicles and other manufacturers.
This infrastructure is expected to reduce the cost of purchasing electric vehicles and accelerate the electric movement in India. Yulu, an EV transportation and battery swapping joint venture, was founded in 2017 by Amit Gupta along with Naveen Dachuri, RK Mishra and Hemant. According to Gupta, the company initially rented bicycles. But thanks to technology and innovation, the company has written a new growth story.