Bajaj Auto Ltd Investing $8 million In E Bike Startup Yulu

Bajaj Auto recently entered into the electric space by launching Iconic scooter Chetak in an electric avatar. Looks like bajaj is planning to expand their electric plans by venturing into new things.Bajaj Auto Ltd,India’s largest exporter of motorcycles, has invested $8 million (around ₹ 57.27 crore) in Bengaluru-based electric mobility sharing platform Yulu.

Bajaj will provide electric two-wheelers to Yulu, which have been co-designed and manufactured exclusively for shared micro-mobility. Bajaj will also consider facilitating the vehicle finance needs of Yulu for large-scale deployment of its micro-mobility electric vehicles. The partnership will seek to transform urban commute in India providing effective EV solutions in last mile connectivity.

Yulu till now has raised about $7 million in funding from bankers like Blume Ventures, 3one4 capital and Wavemaker Partners besides top entrepreneurs like Flipkart’s Binny Bansal and InMobi’s Naveen Tewari. The startup is present in Bengaluru, Navi Mumbai and Pune over 8,500 cycles and 3000 E-scooters.

The Yulu also partnered with Uber, where users can book its vehicle using the US-based ride-hailing major’s mobile application. The startup launched by InMobi co-founder Amit Gupta, now plans to expand this up to 100,000 E-scooters in the top 7 to 8 metros by December 2020.