Yulu Bikes Pvt. Ltd, which operates e-mobility-based transport startup Yulu, on Monday said it has secured loan of $9 million (around Rs 73 crore) from US government’s Development Finance Corporation (DFC).
The Bengaluru-based firm will use the fresh funds to further boost its green mobility alternative.
Founded in 2017 by Amit Gupta, Yulu offers last-mile connectivity to travellers via its electric bikes. The startup also operates a network of EV charging and battery swapping network. So far, the company claims to have made over 75 million green deliveries through Yulu electric vehicles.
“As the market leader in electric mobility, Yulu has served first and last mile mobility needs of millions of users. This financing from a forward-looking institution as the DFC speaks about their belief in Yulu’s vision and the ability to execute at scale, to not just create a green mobility alternative but also to create livelihoods through direct and indirect employment opportunities,” said Anuj Tewari, chief financial officer at Yulu.
In September, Yulu raised Rs 653 crore in its Series B funding round, led by US-based mobility technology company Magna International Inc. Existing investors including publicly listed Bajaj Auto also participated in the round.
As per a report, venture capital and private equity companies have invested $666 million across 24 deals in the Indian electric mobility industry this year till July.
The report titled ‘Electrifying Indian Mobility’ by IVCA-EY-Induslaw also highlights that in the last two years, there have been investments to the tune of $550 million, a jump from the funding received in 2019 ($390 million) in EV manufacturers like Ola Electric, Euler, Ather Energy for the development of newer and safer electric vehicles.