Bajaj Auto provided $8 Millions funding to Yulu Bike
Earlier Uber and now Bajaj Auto- All have interest in micro-mobility tech company Yulu Bike.
Yulu Bike, A Banglore based tech micro mobility shared platform provider startup company received the funding of $8 Million (Approx 57 Crore) from Bajaj Auto. This strategic partnership will give the boost to the micro-mobility electric transport in India.
Just 2 years before the e-bike sharing concept was completely new in India. Yeah, it’s true that our neighbour country China is far ahead in this business and China has also it’s government norms and policy to follow. But this business model was never tested earlier in any city of India. Amit Gupta (Founder of Yulu Bike) said in an interview earlier – ” There is no regulation in India to start a bike-sharing business and this is one of the good part now. The officers and bureaucrats are usually neutral at first, and what we need to do is to showcase to them the benefits. Rather than financial grants, we ask for policy favors of infrastructure, which they have to make any way“. Now the time has come and Yulu bike has already expanded its network into Bangalore, Pune, Bhubaneswar, Mumbai and Delhi.
Key New:
- Yulu will receive the technical support for its future product from Bajaj Auto.
- Baja will help Yulu into electric vehicle development and manufacturing.
- Yulu has the target to expand its number to 1,00,000 eBike on road by 2020.
- Bajaj will get a tech platform to expand sell and sharing service for its own future electric scooters.
History of Yulu Bike:
Chief Executive Officer (CEO) – Amit Gupta. The company was started by Amit Gupta, RK Mishra, Hemant Gupta and Naveen Dachuri with seed fund and up to now raised 7 million dollars in March 2019. Yulu is built on a simple philosophy to make urban mobility seamless, shareable and sustainable. The company was started in 2017 and e-bikes are operational in Bangalore, Pune, Bhubaneswar, Mumbai and Delhi. There are 2 different e-bike model available- Miracle and Move. Present competitors of the company are- Bounce, VOGO and Mobycy.
Strategy behind Bajaj Auto and Yulu Bike Partnership
Rajiv Bajaj, Managing Director of Bajaj, said in a statement- “In Yulu we find an experienced and committed partner with the 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.” Definitely, this partnership is going to accelerate the Yulu Bulu into other more different location of the country.
Till now company has managed to bag $15.5 million investment in the company. Company stated that-” Yulu will source from Bajaj electric two-wheelers which have been co-designed and manufactured exclusively for shared micro-mobility. Along with that Bajaj will also consider facilitating the vehicle finance needs of YULU for a large scale deployment of its micro-mobility electric vehicles“.
Partnership with Uber
In May 2019, American multinational ride-sharing company Uber did the partnership with the Yulu Bike for bringing the micro-mobility eBikes at its own ride-sharing platform. This deal was like another expansion plan for Yulu Bike. Initially, this service started by the Uber in Banglore city which is one of the most crowded cities in India. Currently, Uber Bangalore users can book this micro ebike through Uber mobile application.
Read more about the company and its expansion in Delhi:
