[Funding alert] US-based Rocketship leads Rs 30 Cr funding in micro-mobility platform Yulu
Bengaluru-based last-mile micro-mobility platform Yulu on Monday announced that it has raised a fresh funding of Rs 30 crore led by US-based VC firm Rocketship and existing investors.
According to a statement released by the startup, the new investment will be used for further strengthening the mobility platform, providing technology solutions, and enabling rapid expansion.
Amit Gupta, Co-founder and CEO, Yulu shared,
“We are glad to have Rocketship on board as our new investor. We stand to benefit from their global expertise in supporting technology-led businesses and look forward to working with them.”
“Our user survey indicates that safety from coronavirus is the topmost concern of commuters. Users find Yulu as the safest mode of commute due to our single-seater vehicles and frequent sanitisation,” Amit further added.
Founded in 2017, Yulu uses electric two-wheelers to reduce traffic congestion and air pollution in urban India. Its technology-driven mobility platform uses IoT, ML, and AI for demand-supply management and efficient operations. Currently, Yulu is present in Bengaluru, New Delhi, Mumbai, Pune, Ahmedabad, and Bhubaneswar.
“We believe that Yulu will revolutionise the daily commute of every Indian while having a significantly positive impact on the environment. We look forward to helping the amazing team at Yulu reach unprecedented scale on their path to creating a global leader in micro-mobility,” stated Sailesh Ramakrishnan, Partner at Rocketship.vc.
So far, YULU has raised more than $20 million in funding from key investors like Bajaj Auto Ltd, Blume Ventures, 3one4 Capital, Wavemaker, and now US-based Rocketship, among others. With more than 18,000 eco-friendly vehicles, the company claims that it is witnessing a V-shape recovery post-lockdown due to the surge in demand for solo, safe, and sanitised mobility solutions.
In November 2019, Yulu had received Series A funding of $8 million, led by leading automobile manufacturer Bajaj Auto Ltd.
India’s EV market is estimated to touch $2 billion by 2023, according to TechSci Research.