Bajaj Auto Ltd is all set to invest USD 8 million in bicycle and electric scooter rental startup YULU. Yulu will source from Bajaj electric two-wheelers which have been co-designed and manufactured exclusively for shared micro-mobility.
Amit Gupta, Co-Founder & CEO, Yulu, said, “Succeeding in the shared micro-mobility business is incumbent upon creating winning partnerships to ensure assured supply of high-quality electric vehicles in large numbers. Bajaj Auto Ltd is the leading automaker of India and is respected globally for it’s quality and manufacturing capabilities at scale. Yulu is the leading electric micro-mobility service provider that requires reliable, durable and comfortable electric vehicles to serve its customers, hence a committed manufacturing partner is crucial to our success. In Bajaj, Yulu finds this strategic partnership and it is a win-win relationship.”
The fresh round of investment will be utilized for further strengthening of the mobility platform and deepening of the technology solutions for rapid expansion. Yulu deploys machine learning and AI to accurately predict the demand and supply of its assets and resources which ensures vehicle availability and operational efficiency.
He further added, “Yulu’s electric two-wheelers will help Indian commuters with the first and the last mile connectivity option. This partnership aims to solve the mobility challenges of urban India in an eco-friendly manner.”
Bajaj will also consider facilitating the vehicle finance needs of YULU for a large scale deployment of its micro-mobility electric vehicles.
Rajiv Bajaj, Managing Director of Bajaj, said, “At BAL, we believe that the two factors of congestion reduction and pollution control will drive the segment of shared micro-mobility in the future. That coupled with the expansion of Mass Rapid Transport System like Metro in large cities will further boost the demand for flexible last-mile connectivity. In Yulu we find an experienced and committed partner with robust achievement of success metrics in a very short time. And this is why we decided to partner with them in their journey of bringing Yulu service to every neighbourhood of Urban India.”
With this partnership, Yulu will consolidate its leadership position in the shared electric micro-mobility space and help accelerate the adoption of Electric Vehicles in India. Yulu is building an ecosystem of EV led micro-mobility and aims to expand it’s services to 8 Mega Cities and select smart cities under Smart Cities Mission.
Yulu plans to increase its fleet size to 100,000 electric two-wheelers by Dec 2020 with an extensive network of its battery-swapping stations across the cities where it operates.