Yulu, India's largest shared electric mobility player, is on a mission to transform the last mile transportation sector in the country. With an investment of $500 million and a goal of having one million electric two-wheelers on the road by 2025, Yulu is poised to change the way people commute.
Yulu's fleet of electric vehicles operates on swappable batteries and is powered by Yuma Energy. With around 100 Yuma stations across major cities in India, the company plans to scale up to 500 by 2024. This makes Yulu an environmentally friendly and affordable transportation option for last mile delivery providers, office goers, and commuters.
The company's CEO, Amit Gupta, believes that the future of transportation is electric and that Yulu is in the right place at the right time. "The mobility transition to EV is inevitable and it is no more a question mark. We are looking at a 10X growth in revenues and almost 100X growth in fleet. We want to make it so frictionless, if you want to come out of home, office or metro, you will have a Yulu to meet your need," said Gupta.
Yulu's innovative business model has been well-received by individuals and last mile delivery providers alike. Gupta stated that about 60% of Yulu rides are taken by the latter, as they can save 30-40% of their costs. The company plans to diversify its business model by adding franchisee partners, through which it will earn fees and also sell electric scooters to individuals later in the year.
Yulu's partnership with Bajaj Auto and Magna has also been instrumental in the company's success. Bajaj Auto manufactures Yulu e-bikes at its plant in Chakan and owns about 18-19% equity in Yulu. Magna, a global auto component major, bought about 9% equity in the company recently. Yulu plans to capitalize on both partners' international reach and expand its operations to South East Asia and Latin America markets.
Yulu's vision to make EVs a no-brainer as a vehicle of choice in the next 10 years is ambitious, but not impossible. With its innovative business model, commitment to sustainability, and a strong partnership network, Yulu is well on its way to revolutionizing last mile transportation in India.
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