Bengaluru-based Yulu, an EV micro-mobility startup yesterday announced that it has raised INR 30 crore (around $4 million) from Silicon Valley-based VC firm Rocketship. The company also revealed that the fresh funds will be deployed towards augmenting Yulu’s platform, technology, and expansion. So similar lines, Amit Gupta, Co-founder & CEO of Yulu in a statement said,
“We stand to benefit from their global expertise in supporting technology-led businesses and look forward to working with them.”
Affirming his confidence in Yulu, 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”
Yulu was founded by Amit Gupta, Hemant Gupta, Naveen Dachuri, and RK Misra in 2017. The company has been frequently raising mammoth sums from a number of investors including Bajaj Auto, Blume Ventures, 3one4 Capital, and Wavemaker. The last funding round of Yulu was of $1 million in February 2020, and $8 million in November 2019.
The company claims to have over 18,000 eco-friendly vehicles as of now, across Bengaluru, New Delhi, Mumbai, Pune, Ahmedabad, and Bhubaneswar.
Talking about the COVID-19 revival of Yulu, Gupta said,
“Our user survey indicates that safety from Coronavirus is the topmost concern of commuters. It is becoming increasingly evident that shared mobility platforms like Yulu will lead the large scale adoption of Electric Vehicles in India”.