The Bengaluru-based startup, which has a strategic partnership with Bajaj Auto, sees demand for such tech-based vehicles growing amid increasing congestion on roads and the government’s commitment towards clean mobility.
Meanwhile, in the near to medium term, the Amit Agarwal-founded company is looking to raise both debt and equity to fund its operations.
“Based on our projections – excluding the personal mobility business which we have recently got into–we are looking at achieving profitability in the current financial year. If we can stick to this for a couple of years, we will go to the capital markets in FY26,” Agarwal, co-founder and CEO of Yulu Bikes, told ET.
Yulu recently secured $9 million from US Development Finance Corporation to fund its expansion plans. In September last year, the company had closed a $82-million Series B funding round led by automotive parts maker Magna International.
Based on the concept of mobility as service (personal users need to pay Rs 2/minute for the rides), Yulu’s ‘Miracle’ bike is seeing good demand in metros like Mumbai.The number of low-speed ‘Miracle’ bikes–which offer a range of 80 km–deployed in Mumbai has increased by 11 times from 500 till a year ago. Delhi and Bengaluru have seen similar traction, said Agarwal.Bajaj Auto’s EV subsidiary Chetak Technologies develops and manufactures all the Yulu models. The Pune-based company controls less than 20% stake in Yulu. Last month Yulu launched its first personal electric two-wheeler-Wynn–at an introductory price of ₹55,555. Earlier this year it had launched its third-generation products Miracle GR and Dex GR.
Yulu is targeting deploying 100,000 vehicles by the end of 2023-24, which will translate into 1 million to 1.5 million monthly active users.
