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Yulu (transportation company)

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Yulu
IndustryMobility as a service
Founded2017
FoundersAmit Gupta, RK Misra, Naveen Dachuri, Anuj Tewari
Headquarters
Bengaluru
,
India
Products40,000 vehicles
Number of employees
400[1]
Websitewww.yulu.bike

Yulu is an Indian company headquartered in Bengaluru.[2][3] It provides shared low-speed two-wheeler electric vehicle (EV) services in Bengaluru, Mumbai, Navi Mumbai, Delhi, Gurugram, Noida and Hyderabad. It also has a presence in Indore, Kochi, Tirunelveli and Pondicherry through local partners. Yulu operates 40,000 dockless shared EVs [4] and has four million users. Riders using Yulu have travelled 700 million km, helped save 27 million kg of CO2 emissions and have made 160 million green deliveries till date.

In 2022, Yulu partnered Canadian auto parts manufacturer Magna International to start a battery-as-a-service (BaaS) business, Yuma Energy. Yuma currently supports Yulu riders with battery swaps through its network of stations. It does over a million swaps every month.[5]

Yulu’s investors include Bajaj Auto, Magna International, Wavemaker, Rocketship, 3One4, and Blume. Bajaj Auto is also the manufacturer of Yulu’s third generation of vehicles. The company became India’s largest EBITDA (earnings before interest, taxes, depreciation and amortisation) profitable shared electric mobility company in 2024. It claimed to have achieved an Annual Recurring Revenue (ARR) of $30 million in FY2025.[6]

Yulu's revenues touched Rs 42.8 crore ($5.13 million) in FY2023.[7] It has also announced plans to make an initial public offering (IPO) in FY-2026.[8]

Amit Gupta, Founder and CEO, Yulu, credits two major partners for the shared electric 2-wheeler company's early success—its strategic investors and Indian regulators.

History

[edit]

2017–2018

Yulu was founded in 2017 by Amit Gupta, RK Misra, and Naveen Dachuri. In November 2023, the company's CFO Anuj Tewari was elevated to the role of co-founder.[9]

Yulu’s CEO, Amit Gupta, had earlier co-founded InMobi. He decided to start Yulu to solve urban mobility challenges like congestion and pollution. The service was thus conceived as a ‘flexible, cheap, effective, and clean commuting’ alternative to internal combustion engine (ICE) vehicles.[10]

In January 2018, the company began operations in Bangalore and Pune, followed by Mumbai and Bhubaneswar in the end of 2018.

2019–2021

In 2019, Yulu launched its first shared electric vehicle, the Miracle, in Bengaluru and later in New Delhi. The Miracle is a low speed EV with a 250 watt motor and a top speed of 25 km/h and is designated as a non-motorised vehicle under Indian traffic rules.

Yulu also launched its EV sharing service in Ahmedabad in 2020, but wound up its city operations in 2022,[11] after the pandemic.

During the Covid-19 pandemic, Yulu noticed a surge in the number of delivery executives using its EVs for last-mile deliveries. To meet this demand, in 2022, the company launched its DeX model that is built for delivery professionals.[12]

2022–Present

In 2022, the company focused on adding both size and scale. It expanded its presence in the battery as a service (BaaS) market through its associate, Yuma Energy. A joint venture company established by Yulu and Magna in 2022, Yuma looks to expand its footprint to over 300 battery swapping stations across India.[13]

In mid-2023, Yulu diversified into the personal mobility space with a new model, the Wynn.[14] In a departure from its rental business model, this vehicle can be bought by users. The vehicle is presently being sold to users in Bengaluru.

In 2023, Yulu also announced a franchise initiative,[15] Yulu Business Partner (YBP) that empowers local entrepreneurs to launch shared EV services in the latter’s own cities. Currently, Yulu has tied up with local entrepreneurs in Indore, Kochi, Tirunelveli and Pondicherry to bring leisure and goods mobility to these cities.

Business model

[edit]

Yulu’s business model involves renting low-speed (under 25 km/h), dockless EVs to users, typically for short-distance rides. In the same vein as global shared EV companies like Lime, Bolt and Dott, Yulu provides mobility as a service (MaaS) – a concept which envisages a shift from personally-owned transportation towards public and shared transport that can be accessed through a unified gateway.

After launching its services for shared people mobility in 2019, Yulu diversified into shared goods mobility in 2022. Yulu follows a cluster-based approach and has focused on high-demand pin-codes within its operational cities. In 2023, the company turned profitable at a “unit economics” level,[16] and said that it would break-even as a business soon.[17]

Both the Miracle and DeX models have be successful for Yulu, which has enabled over 100 million rides to date. In an article, CEO Amit Gupta attributed this[18] to the company’s strong product-market fit and suitability for Indian road conditions. Gupta said that features that are unique to a developing market like India – lower vehicle ownership, shrinking road space in cities, and a need for affordable, accessible and pollution-free mobility – are driving demand for Yulu’s services. The situation is different in the US, European cities like Paris, or Asian countries like Singapore which have seen micromobility players running into trouble with authorities due to reports of EV-riders becoming a nuisance. In 2023, for instance, Paris banned free floating e-scooters[19] due to complaints around “reckless driving” and “clutter on sidewalks”.

To make the ridesharing service accessible and affordable for the price sensitive Indian market, Yulu tied up with city and Metro authorities in Bengaluru, Delhi and Mumbai to set up parking and battery swapping infrastructure. These partners include the Delhi Metro Rail Corporation (DMRC), Bengaluru Metro (BMRCL), urban bodies like BBMP and DULT in Bengaluru,[20] and  the Mumbai Metropolitan Region Development Authority (MMRDA).[21]

Yulu has also signed agreements with quick commerce and last mile delivery companies to provide shared DeX EVs to the latter’s delivery partners. These e-commerce and logistics platforms include Zomato,[22] Shadowfax, and Zepto.[23] The company also tied up with real estate company Prestige Group to provide on-location mobility services to users.[24]

Technology

[edit]

Yulu’s vehicle hardware, digital apps, and fleet management operations are built on an integrated technology platform developed by the company in-house.

The platform connects Yulu’s users with its micromobility vehicles through a mobile application. It uses IoT, machine learning, and artificial intelligence for efficient demand-supply management and operations.[25]

The company also built a battery charging and swapping system, which it launched in late 2021 under the brand of Yulu Max stations. This ‘energy’ business has since been spun off as a JV with Magna International and operates independently by the name of Yuma Energy.

In September 2022, Yulu obtained a process patent for developing an ‘Electric vehicle system for Shared Mobility’.

Investments

[edit]

In November 2019, Bajaj Auto invested $8 million in Yulu. In September 2022, Yulu received Series B funding of $82 million in a round led by Magna International and Bajaj. Yulu has raised over $123 million in equity capital — which includes $52 million for Yuma — till date. Yulu has also secured $12 million in debt financing from the U.S. International Development Finance Corporation (DFC) and from Northern Arc.[26]

Products

[edit]

Yulu Miracle

The Miracle CT was Yulu's first electric vehicle

The Yulu Miracle was Yulu’s first electric vehicle to be launched in 2019. The lightweight, single-seater and unisex vehicle is IoT-enabled and is designed for intra-city commutes and leisure rides. Yulu has released multiple versions of the bike.

Miracle CT

The Miracle 1.0 was Yulu’s first model, but the model has been retired as of January 2024. Powered by a 250 watt motor, the bike had a top speed of 25 km/hour.

Miracle GR

The Miracle GR is manufactured by Bajaj to Yulu’s specifications. The EV is made in India and is purpose-built for urban mobility needs. It is engineered for Indian consumers and climate and road conditions.

Yulu DeX

The DeX is Yulu’s built-for-delivery vehicle. While it is similar to Miracle in some aspects, it has added features like a mobile holder and 15 kg weight carrier at the rear. The app-integration for battery swaps enables a higher ride uptime for delivery boys using the Yulu DeX.

DeX NV

The DeX NV was released in 2022 to cater to demand from delivery companies and professionals. DeX is designed for short mile delivery by Yulu and has a range of 60 km per charge.

DeX GR

The Yulu Wynn, a personal use EV, was launched in 2023

The DeX GR has been built by Bajaj and features a more stylised design than its predecessor.

Yulu Wynn

Wynn is Yulu’s first vehicle for personal ownership. The Wynn is designed for urban families, and comes with mobility subscription packs to cover users' battery swap costs.

References

[edit]
  1. ^ Bagchi, Shrabonti (5 June 2020). "Amit Gupta of Yulu is riding the change". mint. Retrieved 29 November 2020.
  2. ^ "Yulu Gets Ready To Tackle City Traffic Congestion And Drive India's Micromobility Future". Inc42 Media. 16 May 2019. Retrieved 17 November 2020.
  3. ^ "COVID crisis-led popularity for e-bikes: Yulu to increase electric bike fleet to 1 lakh by 2021". The Financial Express. 11 August 2020. Retrieved 17 November 2020.
  4. ^ "Yulu Reaches EBITDA-Positive Milestone, Aims For 100,000 EVs By 2025". Mobility Outlook. Retrieved 7 October 2024.
  5. ^ "Yuma Energy hits 1 million monthly battery swaps, expands to Hyderabad". Autocar Professional. 22 August 2024. Retrieved 6 September 2024.
  6. ^ www.ETAuto.com. "Yulu becomes EBITDA positive with USD 30 million ARR - ET Auto". ETAuto.com. Retrieved 7 October 2024.
  7. ^ "Yulu records expanded FY23 losses due to increased battery charging expenses". Startup Story. 6 September 2023. Retrieved 6 September 2023.
  8. ^ "Electric mobility form Yulu Bikes could file for an IPO in FY26". The Economic Times. 8 June 2023. Retrieved 8 June 2023.
  9. ^ "Shared Mobility Startup Yulu Names CFO Anuj Tewari As New Cofounder". Inc42. 11 November 2023. Retrieved 11 November 2023.
  10. ^ "Meet Amit Gupta, Harvard alumnus and the brain behind Rs 50 crore revenue company". DNA India. 2 August 2023. Retrieved 10 January 2024.
  11. ^ "E-bike Yulu exists A'bad". Ahmedabad Mirror. 27 June 2022. Retrieved 10 January 2024.
  12. ^ "Yulu launches DEX electric scooter with 60-km range for last-mile delivery". Financial Express. 30 July 2021. Retrieved 10 January 2024.
  13. ^ "Yuma Energy to expand its footprint to over 300 battery swapping stations by the end of year". The Hindu Business Line. 8 July 2024. Retrieved 6 September 2024.
  14. ^ "Yulu launches E2W, Wynn, at opening price of INR 55,555". ET Auto. 28 April 2023. Retrieved 10 January 2024.
  15. ^ "Yulu invites entrepreneurs in Indian cities to become local e-mobility pioneers". Autocar Pro. 4 August 2023. Retrieved 10 January 2024.
  16. ^ www.ETAuto.com. "Yulu CFO Anuj Tewari joins the team of co-founders – ET Auto". ETAuto.com. Retrieved 10 January 2024.
  17. ^ "Yulu Bikes: Simplifying Mobility One Component At A Time". Forbes India. Retrieved 10 January 2024.
  18. ^ "Micromobility in India: Boon or bane?". Financialexpress. 9 September 2023. Retrieved 10 January 2024.
  19. ^ Bellan, Rebecca (3 April 2023). "Paris votes overwhelmingly to ban shared e-scooters". TechCrunch. Retrieved 10 January 2024.
  20. ^ "Yulu promises to invest Rs 1200 cr in Karnataka, will deploy 1 lakh EVs". The Economic Times. 2 November 2022. ISSN 0013-0389. Retrieved 10 January 2024.
  21. ^ "MMRDA ties-up with Yulu Bike to provide first and last-mile connectivity". Urban Transport News. Retrieved 10 January 2024.
  22. ^ "Yulu and Zomato announce tie-up for last-mile deliveries". CNBCTV18. 3 April 2023. Retrieved 10 January 2024.
  23. ^ "Zepto and Yulu join hands to scale green hyperlocal deliveries". Autocar Professional. Retrieved 10 January 2024.
  24. ^ "Yulu on LinkedIn: Yulu partners with Prestige Group for green mobility, opens exclusive Yulu…". www.linkedin.com. Retrieved 10 January 2024.
  25. ^ admin (26 July 2023). "Empowering micromobility EV rides with telematics & data-driven solutions". Telematics Wire. Retrieved 10 January 2024.
  26. ^ "Yulu Bikes aiming to raise over $100 million to fund expansion". Economic Times. 8 August 2024. Retrieved 6 September 2024.
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