Bajaj Auto Boosts Investment in Yulu Bikes as Electric Bike-Sharing Platform Gears Up for Growth
Bajaj Auto Boosts Investment in Yulu Bikes as Electric Bike-Sharing Platform Gears Up for Growth
Bajaj Auto has reinforced its commitment to sustainable and shared mobility by injecting an additional ₹45.75 crore into the electric bike-sharing platform Yulu Bikes.
This move solidifies Bajaj Auto’s position with an 18.8% stake in Yulu Bikes, marking a strategic partnership in the rapidly evolving electric mobility sector. Yulu Bikes, in turn, has successfully raised a total of $19.25 million in equity funding from existing investors Bajaj Auto and Magna.
Bajaj Auto’s latest investment comes as a testament to its dedication to fostering green and shared mobility solutions. The company recognizes the potential in the shared and last-mile mobility segment, leveraging its consumer knowledge, technological expertise, and manufacturing capabilities to contribute to Yulu Bikes’ growth.
Yulu Bikes has experienced significant growth over the past year, witnessing nearly a fivefold increase in revenue.
Yulu’s CEO, Amit Gupta, expressed gratitude for the continued support from existing investors, emphasizing that the equity infusion would play a pivotal role in accelerating the company’s growth plans.
Bajaj Auto’s Executive Director, Rakesh Sharma, highlighted the collaborative approach, stating that the company’s role extends beyond being a financial investor. He emphasized the combined expertise in consumer knowledge, technology, and manufacturing that positions both companies to build a leading business in the shared mobility space.
The equity funding will empower Yulu Bikes to enhance its market leadership by expanding its fleet of electric bikes, operational locations, and investing in product and technology innovation.
Yulu Bikes remains at the forefront of green mobility solutions, reflecting the vital role played by such initiatives in emerging markets.
Bajaj Auto’s increased investment in Yulu Bikes not only cements their partnership but also signifies a shared commitment to driving sustainable and shared mobility solutions in India.
