Bengaluru-based electric mobility company Yulu raised $9 million through debt financing from US International Development Finance Corporation (DFC). The latter proposed this investment through its new e-mobility financing team.
“This financing from a forward-looking institution as the DFC speaks about their belief in Yulu’s vision and the ability to execute at scale, to not just create a green mobility alternative but also to create livelihoods through direct and indirect employment opportunities. We are quite thrilled,” Anuj Tewari, Yulu's chief financial officer (CFO), said in a statement.
The start-up will utilise this investment to strengthen its vision of green mobility alternatives in India.
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Yulu offers last-mile connectivity services to users through its electric bikes along with a battery swapping and electric vehicle charging network. It claims to have completed over 3.5 million battery swaps till date.
“As the market leader in electric mobility, Yulu has served the first and last-mile mobility needs of millions of users. Yulu fulfils 6 of United Nations Sustainable Development Goals, and has successfully built a clean mobility business in India based on positive unit economics,” Tewari added.
Founded in 2017 by Amit Gupta, Yulu earlier raised around $82 million in September in an investment round led by a Canadian mobility technology company called Magna International Inc. Bajaj Auto, an existing investor of Yulu, also participated in that investment round.
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With a plan of expanding battery charging and swapping nationally, Yulu has created a new identity called Yulu Energy by collaborating with Magna, aimed at helping create a nationwide battery swapping and battery charging infrastructure.
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