Yulu, the innovative electric mobility startup, has secured INR 25 crore in debt financing from Northern Arc Capital, a Chennai-based non-banking financial company. This strategic move comes on the heels of Yulu’s recent accomplishment of raising $82 million in equity funding during a Series B round led by US-based Magna International in September 2022.
The development was formalized as the board at Yulu Bikes passed a special resolution, approving the issuance of 250 non-convertible debentures at an issue price of INR 1,00,000 each. This issuance aims to generate INR 25 crore, as revealed by documents accessed from the Registrar of Companies.
Yulu, known for offering last-mile connectivity through its electric bikes and an extensive network of EV charging and battery swapping stations, operates as an urban Mobility-as-a-Service (MaaS) provider in key metropolitan areas such as Bengaluru, Mumbai, and Delhi-NCR.
One of Yulu’s notable achievements is its joint venture with Canadian automotive supplier Magna, known as Yuma. Through Yuma, Yulu has conducted more than 6.5 million electric vehicle battery swaps to date, contributing significantly to the growth of sustainable urban transportation.
The electric mobility startup partnered strategically with India’s leading two-wheeler manufacturer, Bajaj Auto. Over the years, Yulu and Bajaj Auto have collaborated on various fronts, including product design, technology platforms, engineering processes, and manufacturing.
Regarding financial performance, Yulu reported INR 41.74 crore in revenue from operations during the fiscal year 2022-23. This marks a notable turnaround from the previous fiscal year, where the company reported a loss of INR 94.88 crore. The positive revenue trend reflects the growing demand for Yulu’s electric mobility solutions and its commitment to sustainable urban transport.
The recent debt infusion from Northern Arc Capital is expected to fuel Yulu’s expansion plans further, enabling the company to enhance its electric bike fleet, strengthen its charging infrastructure, and explore new markets. As Yulu continues to play a pivotal role in shaping the future of urban mobility, these strategic financial moves position the startup for sustained growth and innovation in the electric transportation sector.
