EV micro-mobility service provider Yulu has announced a fresh infusion of Rs 30 crore in equity funding led by US-based VC firm Rocketship and existing investors. The new investment will be used to further strengthen Yulu’s mobility platform, technology solutions, and enabling rapid expansion.
Yulu has over 18,000 eco-friendly vehicles and claims to run India’s largest EV-led micro-mobility platform. The company says that it is witnessing a V-shape recovery post-lockdown due to the surge in demand for solo, safe, and sanitized mobility solutions.
“Our user survey indicates that safety from Coronavirus is the topmost concern of commuters. Users find Yulu as the safest mode of commute due to our single-seater vehicles and frequent sanitization. It is becoming increasingly evident that shared mobility platforms like Yulu will lead the large scale adoption of Electric Vehicles in India,” Amit Gupta, Co-founder & CEO, Yulu said in a statement.
“We are glad to have Rocketship on board as our new investor. We stand to benefit from their global expertise in supporting technology-led businesses and look forward to working with them,” he added.
This is Rocketship’s first-ever investment in the Indian micro-mobility sector
Sailesh Ramakrishnan, Partner at Rocketship.vc 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. We believe that Yulu will revolutionize the daily commute of every Indian while having a significantly positive impact on the environment. We look forward to helping the amazing team at Yulu reach unprecedented scale on their path to creating a global leader in micro-mobility."
So far, YULU has raised more than $20 million in funding from key investors such as Bajaj Auto Ltd, Blume Ventures, 3one4 Capital, Wavemaker, and now US-based Rocketship, among others.