Bajaj Auto said that it has invested an additional Rs 45.75 crore in the electric bike-sharing platform Yulu Bikes. After the fresh investment, the company’s shareholding in Yulu Bikes stands at 18.8 percent of the paid-up equity share capital of the electric bike-sharing platform, Bajaj Auto said in a regulatory filing, a CNBC TV18 report stated.
Announcing the same Yulu said it has raised a total of $19.25 million (Rs 160 crore) in equity funding from its existing investors Bajaj Auto and Magna, the report further clarified.
Yulu said that over the last year it has seen nearly a 5 times leap in revenue. “The additional capital raised will enable Yulu to maintain its growth streak and will strengthen its market leadership as it expands in terms of vehicles, operational locations, and product and technology innovation to keep up with the rise in demand from users,” the statement said.
Bajaj Auto’s executive director Rakesh Sharma said the company’s role extends to beyond being a financial investor. “We see very good potential in the space of shared and last mile mobility. Hence, together we continue to leverage our combined experise in consumer knowledge, technology and manufacturing to build a class-leading business in this space,” he said.
Meanwhile Matteo Del Sorbo, Executive Vice President, Magna International and Global Lead of Magna New Mobility, said Yulu’s journey showcases the vital role played by green mobility solutions in the emerging markets conext.
Yulu’s co-founder and CEO Amit Gupta said the equity infusion would help the company fast-track its growth plans. “We are delighted that our existing investors Bajaj and Magna, among others, share our excitement and optimism and have stepped up their investments to power this growth spurt,” he said.
He also added that Yulu is on track to raise its Series C round of funding soon.
In 2019, Bajaj Auto announced an investment of $8 million (around ₹66 crore) in Yulu to boost electric vehicle adoption in India.