Indian two-wheeler manufacturer Bajaj Auto announced that it will invest an additional Rs 45.75 crore in electric bike sharing platform Yulu. The last-mile electric mobility start-up said it has raised a total investment of around Rs 160 crore.
The equity funding investment came through an offer of shares to Bajaj and Magna, both of which are primary investors in the e-bike sharing platform.
Recorded five-fold jump in revenue
According to a report, Bajaj Auto Company has recorded five times profit in revenue in the last one year. Yulu Bikes said it will use the latest investment to focus on further development of its EV lineup, products and innovation.
Yulu currently operates 30,000 electric bikes in cities like Delhi, Gurugram, Mumbai, Navi Mumbai and Bengaluru. The company feels that the new set of investments will further boost its growth.
Introduction of Yulu Vyan
Yulu Bikes co-founder and CEO Amit Gupta said that last year, Yulu Bikes launched its first electric two-wheeler in India. The electric two-wheeler named Yulu Vyan was launched at a price of Rs 55,555. It is also offered on a subscription basis.
News Summary
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- Bajaj Auto to invest an additional Rs 45.75 crore in Yulu Bikes
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- Yulu Bikes records a five-fold jump in revenue in the last one year
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- The company plans to use the investment for further development of its EV lineup
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- Yulu Bikes introduces its first electric two-wheeler, Yulu Vyan, in India
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