Yulu a Electric mobility startup, today raised $82 million (₹653 crore in Indian RUPEES) in a Series B funding round, led by mobility technology company, Magna International. Bajaj Auto participated in the round as Invester.

Yulu offers electric mobility-as-a-service (MaaS) and battery-as-a-service (BaaS). The funds will be used to scale up its fleet, and battery swapping network capacity by 10 times each, in the next 12 months.

Amit Gupta, co-founder & CEO, Yulu (Bikes) said “We can see a 100X growth opportunity for Yulu in both the MaaS and BaaS businesses in the upcoming 3-4 years. We will go deeper and denser in our existing markets and explore new areas while delivering a great customer experience,” Yulu also aims to increase its Electric Vehicle fleet to more than 100000 electric Two-wheelers with over 500 battery charging and swapping stations within the same timespan.

Yulu is making a new entity, Yulu Energy, with Magna to create nation-wide battery charging and swapping infrastructure. The entity is hoping to build a capacity of 1,000,000 battery swaps per day, by 2030.

Matteo Del Sorbo, executive VP, Magna International said that “The Micromobility gives a great opportunity for additional growth for Magna, and joining forces with Yulu helps us expand our business into this rapidly growing sector”

Yulu further said that its partnership with Two-wheeler manufacturer Bajaj Auto has aided its manufacturing, engineering processes, technology platforms, and product design. They plan to roll out next-generation electric Two-Wheelers out of Bajaj’s Pune facility by End of this year.

The Electric Vehicle company also partnered with Bangalore Metro (BMRCL), Delhi Metro (DMRC) and city authorities in Bengaluru (BBMP/DULT), Mumbai (BMC/MMRDA) and New Delhi (NDMC) for parking and charging infrastructure.

Yulu Founded in 2017, It is one of India’s largest shared Electric Vehicle mobility & battery swapping companies. It provides urban Mobility-as-a-Service (MaaS) in Bengaluru, Delhi-NCR and Mumbai.