Yulu is planning to raise $100 million to expand its business model. It wants to expand its fleet to 100,000 units by the end of the year from 10,000 units currently, open up franchisee models to reach new cities and serve to personal buyers by the following year. The company is looking for 10x growth in the upcoming year. “All the blow lead it to usage policies, the adoption by the food delivery and grocery companies will boost the growth,” Amit Gupta, founder and CEO of Yulu said. Yulu claims to be the most powerful shared electric mobility platform in the country, with three million battery trades so far. With the expansion of the fleet and new cities, it expects three million swaps a month by the end of December.

The company will also launch a new range of electric two-wheelers, both for personal and battery, built on the platform developed by Bajaj Auto. All new vehicles being designed and manufactured by Bajaj will be 100 per cent made in India. Founded in 2017 by Amit Gupta, RK Misra, Hemant Gupta and Naveen Dachuri to serve cleaner urban commute, it has onboarded marquee investors like Bajaj Auto, Blume, 3One4, WaveMaker, and Rocketship.
Yulu is adopting a cluster-based approach on pin codes to deliver to high demand areas. It has developed 3,000 Yulu zones which will be expanded to 10,000 to 12,000 zones. It provides urban Mobility-as-a-Service (uMaaS) in Bengaluru, Mumbai, and Delhi-NCR, which it plans to expand to 10 locations.