EV service startup Yulu said it has raised Rs 30 crores in equity funding led by US-based VC firm Rocketship and existing investors. The new investment will be used for strengthening the mobility platform, technology solutions, and enabling rapid expansion
“We are glad to have Rocketship on board as our new investor. We stand to benefit from their global expertise in supporting technology-led businesses and look forward to working with them,” said Amit Gupta, Co-founder & CEO, Yulu.
The company claimed that it has raised more than $20 million in funding from key investors like Bajaj Auto Ltd, Blume Ventures, 3one4 Capital, Wavemaker, and now US-based Rocketship, among others. Yulu is running over 8,000 EV vehicles.
“Yulu is one of the most exciting and innovative companies in the micro-mobility space and we are happy to join and support the team. We believe that Yulu will revolutionize the daily commute of every Indian while having a significantly positive impact on the environment. We look forward to helping the amazing team at Yulu reach unprecedented scale on their path to creating a global leader in micro-mobility.” said Sailesh Ramakrishnan, Partner at Rocketship.
“Electric Mobility comes with its own challenges of charging infrastructure and range anxiety. Yulu has overcome these challenges by its proprietary IoT driven and highly scalable charging infrastructure. Yulu has developed a robust EV ecosystem right from in-house vehicle design to setting up of highly scalable battery swapping infrastructure and on-ground operations to accelerate the adoption of EVs in India,” said RK Misra Co-founder and President Ecosystem Partnerships, Yulu.