The Series A fundraising by the last mile mobility startup Yulu may net the company Rs 100 crore are even a little more depending on how the talks it is presently having pan out. The investors likely to pick the tab in this investment round are Chinese giant Xiaomi-owned Shunwei Capital and Atul Satija, the former CEO of InMobi. Blume Ventures, which is an existing investor in Yulu having taken part in the seed funding, along with a number of high net worth individuals (HNIs), have also expressed their willingness to participate in this round of investment. As indicated above, if all investors, including Shunwei come on board, the amount Yulu gets in this round may exceed Rs 100 crore. There is an estimate that the startup may be valued between Rs 350 milliton and Rs 400 million.
Yulu’s business model sees deployment of bicycles, both electric and mechanical, for use by their customers on the last mile connectivity platform. The services are limited so far in terms of geography covered; just Bengaluru and Mumbai, as far as the electric bikes are concerned and Pune, Greater Mumbai and Bhubaneswar for the mechanical bicycles. Between Mumbai and Bengaluru, Yulu has 1800 electric bicycles on the road.
If you have interest in the numbers, the startup says, its customers have pedalled around 10 million kilometres so far and they have over 20,000 daily average riders. The Yulu app has been downloaded 1.2 million times from the Android and Apple play stores.
In terms of expanding its offerings, Yulu has just started on a pilot scale its ‘Yulu Miracle’ electric scooters.
The funding exercise for the Series A round is still at the level of talks that are to be concluded and there is no confirmation on this directly from the startup or from the likely investors. It is only after this is signed and sealed that the rest of the details like the next plans for the startup will emerge.