Yulu, a last mile micro-mobility platform raised Rs 30 crore in a fresh funding round led by US-based Rocketship and other existing investors. The Bengaluru-based firm has declared that it will utilize the latest funds to upscale the mobility platform, providing technological 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.” Amit Gupta, Co-founder and CEO of Yulu shared, “Our user survey indicates that safety from coronavirus is the topmost concern of commuters. Users find Yulu as the safest mode of commute due to our single-seater vehicles and frequent sanitization.”
Yulu was founded in 2017 with the objective of using electric two-wheelers to reduce traffic congestion and air pollution in urban India. Its technology-driven mobility platform uses IoT, ML, and AI for demand-supply management and efficient operations. The firm is presently operating in Bengaluru, New Delhi, Mumbai, Pune, Ahmedabad, and Bhubaneswar.
Sailesh Ramakrishnan, Partner at Rocketship.vc. said, “We believe that Yulu will revolutionise 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.”
The company has raised over $20 million in funding from investors such as Bajaj Auto Ltd, Blume Ventures, 3one4 Capital, Wavemaker, among others since its inception. With more than 18,000 eco-friendly vehicles, the company claims that it is witnessing a V-shape recovery post-lockdown due to the surge in demand for solo, safe, and sanitized mobility solutions.