Bajaj Auto, on 23 February, announced that they had increased their stake in the electric bike-sharing platform, Yulu Bikes. The company invested an additional Rs 45.75 crore, raising its stake in the bike-sharing platform to 18.8%.

Yulu Bikes has announced raising a total of $19.25 million (Rs 160 crore) in equity funding from its existing investors, Magna and Bajaj Auto.

The bike-sharing platform, in a press release, said that in the last year, they have seen a 5 times growth in revenue.

The company added, “The additional capital raised will enable Yulu to maintain its growth streak and will strengthen its market leadership as it expands in terms of vehicles, operational locations, and product and technology innovation to keep up with the rise in demand from users.”

Rakesh Sharma, executive director of Bajaj Auto, said, “We see very good potential in the space of shared and last mile mobility. Hence, together we continue to leverage our combined expertise in consumer knowledge, technology and manufacturing to build a class-leading business in this space.”

In 2019, Bajaj Auto announced investing $8 million (around Rs66 crore) in Yulu Bikes to boost electric vehicle adaptation in India.