Bajaj To Invest Around Rs 58 Crore In Shared E-Mobility Provider Yulu

0
263
Advertisement
  • Yulu plans to increase its fleet size to 1,00,000 electric two-wheelers by December 2020
  • Yulu uses machine learning and AI to accurately predict the demand and supply of its assets and resources

Bajaj Auto has announced a strategic investment of $8 million (Rs 57.7 crore) in shared e-mobility service provider Yulu. As a part of the agreement, Yulu will source electric two-wheelers from Bajaj Auto that have been co-designed and manufactured exclusively for shared micro-mobility. Bajaj will also consider facilitating the vehicle finance needs of Yulu for large-scale deployment of its micro-mobility electric vehicles.

Rajiv Bajaj, MD, Bajaj Auto said, “In Yulu, we find an experienced and committed partner with robust achievement of success metrics in a very short time. And this is why we decided to partner with them in their journey of bringing Yulu service to every neighbourhood of urban India.”

1,00,000 electric two-wheelers by December 2020

Yulu said the investment will be used for further strengthening of the mobility platform and deepening of the technology solutions for rapid expansion. The company uses machine learning and AI to accurately predict the demand and supply of its assets and resources. It plans to increase its fleet size to 1,00,000 electric two-wheelers by December 2020 with a network of its battery-swapping stations in the cities where it operates.

Advertisement

Amit Gupta, co-founder and CEO, Yulu, said, “Bajaj Auto is the leading automaker of India and is respected globally for its quality and manufacturing capabilities at scale. Yulu is the leading electric micro-mobility service provider that requires reliable, durable and comfortable electric vehicles to serve its customers, hence a committed manufacturing partner is crucial to our success. In Bajaj, Yulu finds this strategic partnership and it is a win-win relationship.”

Advertisement

SHARE YOUR THOUGHTS & COMMENTS

Please enter your comment!
Please enter your name here

Are you human? *