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Indian micromobility firm Yulu raises further $3.9m VC funding

Posted: 23 June 2020 | | No comments yet

Yulu’s latest round of funding will be used to further strengthen the mobility platform and its technology solutions, as well as enable rapid expansion.

A Yulu bike in Pune, India

Yulu, India’s leading EV micromobility service provider, has raised a further $3.9 million in equity funding, led by US-based VC firm Rocketship and existing investors.

The new investment will be used for further strengthening the mobility platform, technology solutions, and enabling rapid expansion. The fresh investment amid the COVID-19 crisis validates the vision and the growth potential of the mobility firm.

Commenting on the fresh investment, Amit Gupta, Co-founder & CEO, Yulu said “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.”

So far, Yulu has raised more than $20M in funding from key investors like Bajaj Auto Ltd, Blume Ventures, 3one4 Capital, Wavemaker, and now US-based Rocketship, among others. With more than 18,000 eco-friendly vehicles, Yulu runs India’s largest EV-led micromobility platform. The company is witnessing a V-shape recovery post-lockdown due to the surge in demand for solo, safe, and sanitized mobility solutions. Yulu is committed to transforming the way people commute in India, working closely with the cities, corporates, and citizens.

Commenting on the investment, 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.”

Amit Gupta further added: “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 sanitisation. It is becoming increasingly evident that shared mobility platforms like Yulu will lead the large scale adoption of electric vehicles in India.“

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