The Bengaluru-based firm Yulu has raised $9 million (Rs 73 crore) through debt financing from US International Development Finance Corporation (DFC).
DFC had proposed the investment in Yulu as a part of the institution's focus on financing clean and zero-emission transportation solutions in India, through its new e-mobility financing team, the firm said in a statement on Monday.
Baja Auto-backed shared electric mobility firm plans to utilize the funds to strengthen their momentum towards its vision to boost its green mobility alternative.
“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,” Yulu Chief Financial Officer Anuj Tewari said.
Yulu and its services
The firm was founded by RK MIsra, Naveen Dachuri, Hemant Gupta and Amit Gupta in 2017 and offers last-mile connectivity through its electric bikes. It provides Mobility-as-a-service in urban cities like Bengaluru, Mumbai and Delhi-NCR and is supported by a Battery-as-a-service platform Yulu energy.
Yulu energy was formed with Canada-Magna to create a nationwide battery swapping and charging infrastructure. This infrastructure will help reduce the upfront cost of buying EVs and will help increase the adoption of electric mobility in the country.
The company has completed over 3.5 million battery swaps till date, and they have also helped in increasing the adoption of electric mobility in India. The company has saved approximately 15,000 metric tons of CO2 emissions.
Yulu raise $82 million in September
Yulu in September raised about $82 million (Rs 653 crore) from investors led by US-based mobility technology company Magna International Inc. The company's existing investors also include Bajaj Auto.
According to reports, venture capital and private equity companies in 24 deals since this July have invested about $666 million.
