Bajaj Auto To Invest $ 8 Million In Yulu To Address Micro-Mobility Segment

Bajaj Auto Ltd Invest $ 8 Million Yulu Address Micro-Mobility Electric Two-Wheelers

Yulu plans to increase fleet size to 100,000 electric two-wheelers by December, 2020; Bajaj to supply Yulu with co-designed electric two-wheelers focussed exclusively for shared micro-mobility

Bajaj Auto Ltd has joined with shared e-mobility service provider, Yulu to transform urban commute in India, under which the former is investing $ 8 mn (about Rs 57 crore) to compliment this strategic relationship. Yulu will source electric two-wheelers from Bajaj, which have been co-designed and manufactured exclusively for shared micro-mobility. In addition, Bajaj will also consider facilitating the vehicle finance needs of Yulu for large-scale deployment of its micro-mobility electric vehicles (EV).

Yulu said it will consolidate its leadership position in the shared electric micro-mobility space with this partnership, and help accelerate the adoption of EVs in India. It is driving this change in India by building an ecosystem of EV-led micro-mobility, and aims to expand its services to eight mega cities and select smart cities under Smart Cities Mission.

The fresh round of funding from Bajaj will be utilised by Yulu to further strengthen the mobility platform and deepen the technology solutions for rapid expansion. Yulu deploys machine learning and AI to accurately predict the demand and supply of its assets and resources which ensures vehicle availability and operational efficiency, it said. The company further added that it plans to increase its fleet size to 100,000 electric two-wheelers by December, 2020, with an extensive network of its battery-swapping stations across the cities it operates in.

Rajiv Bajaj, Managing Director, Bajaj, said the company believes that the two factors of congestion reduction and pollution control will drive the segment of shared micro-mobility in the future. That coupled with the expansion of Mass Rapid Transport System like Metro in large cities will further boost the demand for flexible last-mile connectivity, he added. Bajaj noted that the company finds in Yulu an experienced and committed partner with robust achievement of success metrics in a very short time. This is why the company has decided to partner with Yulu in their journey of bringing their service to every neighbourhood of urban India.

Succeeding in the shared micro-mobility business is incumbent upon creating winning partnerships to ensure assured supply of high-quality electric vehicles in large numbers, noted Amit Gupta, Co-Founder and CEO, Yulu. He said Bajaj Auto Ltd is the leading automaker of India and is respected globally for its quality and manufacturing capabilities at scale. Gupta further added, “Yulu’s electric two-wheelers will help Indian commuters with the first and last-mile connectivity option. This partnership aims to solve the mobility challenges of urban India in an eco-friendly manner.”