The largest exporter of motorcycles in India – Bajaj Auto has decided to invest an amount of INR 57.27 crore in Yulu, which is a bicycle and electric scooter rental startup. This was notified through an announcement that was made on November 26, 2019, Tuesday. Bajaj Auto has made the investment in the shared e-mobility service provider Yulu in order to be able to transform urban commute in India.
Under the investment, Yulu will be sourcing the Bajaj electric two-wheelers which have been co-designed and manufactured exclusively to be utilised as a shared micro-mobility. Bajaj will also finance Yulu for a large-scale deployment of its micro-mobility electric vehicles.
The Managing Director of Bajaj Auto Limited, Rajiv Bajaj said in an interview – “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 the robust achievement of success metrics in a very short time.”
About the investment made by Bajaj Auto Limited, the Co-Founder and CEO of Yulu, Amit Gupta shared his happiness by saying – “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. 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 investment will be used by Yulu so that it can strengthen the mobility platform and develop technology solutions. The company is also planning to expand its fleet size of electric vehicles to 1,00,000 by the end of 2020. The future ventures also include expansion of its services to eight megacities and select smart cities under the ‘Smart Cities Mission’ where currently it is present in Bengaluru, New Delhi, Pune, Greater Mumbai and Bhubaneswar.