The company has so far raised $30 million in equity capital. It has an outlay of $100 million in a combination of equity and debt to help accelerate growth
Electric two-wheeler startup Yulu is reportedl looking to planning to expand its business model for which it is looking to raise up to $100 million.
The battery-as-a-service network provider will expand its fleet to 100,000 units by the end of the year from 10,000 units currently and also open up franchisee models to reach newer cities and cater to personal buyers in the next one year, as per an ET report.
The company has so far raised $30 million in equity capital. It has an outlay of $100 million in a combination of equity and debt to help accelerate growth. The fresh funding round will be done by both new and existing investors.
“All the tailwinds lead it to usage – policies, the adoption, which is primarily led by the food delivery and grocery companies will drive the growth,” Amit Gupta, founder and CEO of Yulu said.
Most of its fleet was built through internal equity, but now Gupta is aiming to do that through debt and lease financing of vehicles as it has a proven track record.
The company will also unveil a new range of electric two-wheelers, both for personal as well as last-mile mobility, with a fourth-generation battery built on the platform developed by Bajaj Auto.
As against imported kits used in the past, all new vehicles being designed and manufactured by Bajaj will be 100 percent made in India.
Founded in 2017 by Amit Gupta, RK Misra, Hemant Gupta and Naveen Dachuri to cater to cleaner urban commute, it has on board marquee investors like Bajaj Auto, Blume, 3One4, WaveMaker, and Rocketship.