Bajaj Auto to invest $8 million in mobility sharing platform Yulu
26 November 2019
Bajaj Auto will invest $8 million in Yulu, the largest cycle and bike sharing platform, to transform the micro mobility space and urban commute in India, the company said today.
"Yulu will source from Bajaj electric two-wheelers which have been co-designed and manufactured exclusively for shared micro-mobility," a Bajaj media release announcing the partnership with the Bengaluru-based company said.
Yulu plans to increase its fleet size to 1, 00, 000 electric two-wheelers by December 2020.
Yulu, which started off as an initiative to reduce traffic congestion and pollution in Indian cities, is now working on making urban mobility seamless, shareable and sustainable. .
Yulu says it is driven by three guiding principles of – Accessibility, Availability and Affordability.
‘’We are empowering Indian city dwellers to bring about a paradigm shift by making urban commute efficient and eco-friendly’’ it adds.
“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 neighbourhood of urban India,” Rajiv Bajaj, managing director of Bajaj, said.
‘’With this partnership, Yulu will consolidate its leadership position in the shared electric micro-mobility space and help accelerate the adoption of electric vehicles in India. Yulu is driving this change in India by building an ecosystem of EV led micro-mobility and aims to expand it’s services to eight mega cities and select smart cities under Smart Cities Mission.
Yulu said the fresh round of investment will be utilised for further strengthening of the mobility platform and deepening of the technology solutions for rapid expansion.
Yulu plans to increase its fleet size to 100,000 electric two-wheelers by Dec 2020 with an extensive network of its battery-swapping stations across the cities where it operates.
“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 it’s 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,” Amit Gupta, co-founder and CEO, Yulu, said.
Bajaj will also consider facilitating the vehicle finance needs of Yulu for a large-scale deployment of its micro-mobility electric vehicles.