Electric mobility startup Yulu raised $82 million in Series B led by the US-based mobility technology company Magna International Inc where existing investor-Bajaj Auto Ltd also participated.
Yulu offers electric vehicle users an AI-enabled battery-as-a-Service (BaaS) platform as well as sustainable mobility solutions. Yulu intends to use the funds raised to strengthen its leadership through product and technology innovation. It also intends to increase its EV fleet to 1 lakh or more EV two-wheelers. Yulu will also form a partnership with Magna as a result of this fundraising, creating a battery swapping infra that includes an interoperable battery system.