India's largest exporter of motorcycles, Bajaj Auto Limited, has invested $8 million (around Rs. 57.27 crore) in Bengaluru-based electri...
India's largest exporter of motorcycles, Bajaj Auto Limited, has invested $8 million (around Rs. 57.27 crore) in Bengaluru-based electric mobility sharing platform Yulu. Yulu offers electric bicycles on hire for last mile commute. Bajaj will provide electric two-wheelers to Yulu, which have been co-designed and manufactured exclusively for shared micro-mobility. Bajaj will also consider facilitating the vehicle finance needs of Yulu for large-scale deployment of its micro-mobility electric vehicles. The partnership will seek to transform urban commute in India providing effective EV solutions in last mile connectivity.
"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 neighborhood of urban India," said Rajiv Bajaj, Managing Director, Bajaj Auto Limited.
"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 its 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," said Amit Gupta, Co-Founder and CEO, Yulu.
The fresh round of investment in Yulu will be utilised to further strengthen the mobility platform and develop technology solutions for rapid expansion. Yulu deploys machine learning and artificial intelligence to accurately predict demand and supply of its assets and resources which ensures vehicle availability and operational efficiency. The company also plans to increase its fleet size to 100,000 electric vehicles by December 2020 with an extensive network of its battery-swapping stations across the cities where it operates. Yulu also aims to expand its services to eight mega cities and select smart cities under the Smart Cities Mission. Currently, Yulu is present in Bengaluru, New Delhi, Pune, Greater Mumbai and Bhubaneshwar.
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