Yulu in talks with investors and institutions for $80M fundraise
In October 2024, Yulu had announced its plan to raise $100 million in Series C debt and equity funding over a span of 12 months.
Electric mobility startup is reportedly in talks to raise $75-80 million to capitalise on quick commerce growth.
The development was first reported by Economic Times.
According to the report, the company is eyeing a mix of debt and equity for the fundraise.
The startup expects an acceleration in its growth momentum owing to its product-market fit for quick commerce, in particular, and hyperlocal last-mile delivery, it said in a statement.
Yulu plans to capitalise on the opportunity and rapidly scale up its fleet size and operational locations, the Bajaj Auto-backed company added.
“In October 2024, we announced our plan to raise $100 million in Series C debt and equity funding over the coming 12 months. That plan remains on track. Yulu is in talks with several investors and institutions (in India and abroad), many of whom have expressed keen interest in being a part of our growth story,” a Yulu spokesperson told YourStory.
The fundraise is expected to see existing investors Bajaj Auto Ltd. and Canadian auto-parts manufacturer Magna, which will “continue to stay bullish on Yulu’s growth prospects.”
Yulu had raised $19.25 million as part of its Series B round from Magna and Bajaj Auto Limited in February last year. The startup had last raised $82 million as part of its Series B round in 2022 from the same set of investors, followed by $9.1 million in debt from US International Development Finance Corporation (DFC).
Edited by Kanishk Singh