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.

Bengaluru based startup Yulu secures US$ 3.9M from VC firm Rocketship