Bengaluru-based electric vehicle provider Yulu has secured US$ 3.9M. The fresh equity funding round was led by US-based VC firm Rocketship and existing investors on 22 June.
The company had raised US$ 20M funding from investors- Blume Ventures, 3One4 Capital, Grey Cell Ventures, Wavemaker Partners, Incubate Fund India and others. Their total funding amount stands at US$ 19.9M.
The funds will help Yulu in strengthening its mobility platform, enabling rapid expansion and technology solutions. Currently, they have more than 18,000 eco-friendly vehicles. The company recently said that it is observing a V-shape recovery post-lockdown period. The reason for this is a rise in demand for solo and sanitised mobility solutions.
The company was co-founded in 2017 by Amit Gupta (CEO), Hemant Gupta (CO) and Naveen Dachuri (CTO). Yulu is a micro-mobility platform. It aims at solving traffic congestion and air pollution in India. The startup provides human and battery powered micro-light 2 wheelers. Yulu uses IoT, Cloud, and AI to create a vast network of shared 2-wheelers that can be rented easily through their app. They are driven by three principles of urban mobility – Accessibility, Availability, and Affordability. They also have two products- Yulu Miracle and Yulu Move. As of today, Yulu is present in six cities – Pune, Ahmedabad, Bengaluru, New Delhi, Mumbai and Bhubaneswar.
Sailesh Ramakrishnan, Partner, Rocketship said, “Yulu is one of the most exciting and innovative companies in the micro-mobility space and we are happy to join and support the team.”
With the lockdown easing in various states, Yulu is also starting its operations gradually. In mid-May, it restarted its operations in Bengaluru. The CEO, Amit Gupta said that while the business is recovering well in Bengaluru, they are expecting the same from Delhi and Mumbai.