For Yulu, it’s a historic day as Bajaj Auto Limited (BAL), India’s leading automaker, has joined hands with Yulu, India’s largest shared e-mobility service provider, to transform urban commutes.
To complement this strategic relationship, Bajaj Auto Ltd is investing $8mn in YULU. Yulu will be the origin of Bajaj electric two-wheelers co-designed and manufactured for shared micro-mobility exclusively. Bajaj will also consider facilitating YULU’s vehicle financing needs to deploy its electric micro-mobility vehicles on a large scale.
Yulu is solving the demand-supply problem with IoT-enabled EV Fleet and ML-driven network intelligence, and its footprint is rising sustainably. Through its early partnerships with mass rapid transit systems such as Metro, Yulu layers shuttle patterns in addition to its network intelligence bringing its customers’ high availability and convenience. This technology-driven approach is crucial to constantly improve operational efficiency and helping to significantly reduce traffic congestion.
Rajiv Bajaj, Bajaj’s managing director, said, “We at BAL believe the two factors of traffic reduction and pollution control would drive the micro-mobility shared segment in the future.
Yulu will consolidate its leadership position in the shared electric micro-mobility space with this partnership and help accelerate the adoption of electric vehicles in India. Yulu drives this transition in India by developing an EV driven micro-mobility ecosystem to extend its services to 8 Mega Cities and select smart cities under the Smart Cities Project.
Yulu would greatly benefit from Bajaj’s knowledge and expertise as a leading two-wheelers and three-wheelers manufacturer.
The fresh investment round will be used to further enhance the mobility platform and deepen the rapid expansion of technology solutions. Yulu deploys machine learning and AI to forecast accurately the demand and supply of its assets and services, ensuring the availability of vehicles and operating performance. By Dec 2020, Yulu plans to increase its fleet size to 100,000 electric two-wheelers with an extensive network of its battery-swapping stations across its cities.
Amit Gupta, Co-Founder & CEO, Yulu, said, “It is incumbent on the establishment of winning partnerships in the shared micro-mobility market to ensure the stable supply of large numbers of high-quality electric vehicles. Bajaj Auto Ltd is India’s leading automaker and is known worldwide for its reliability and on-scale production capabilities. Yulu is the leading provider of electrical micro-mobility services requiring efficient, robust and comfortable electrical vehicles to serve their customers, making a dedicated manufacturing partner vital to our success. This strategic partnership is found in Bajaj, Yulu, and it is a win-win relationship.