Yulu is an Indian company headquartered in Bengaluru.[3][4] It provides shared low-speed two-wheeler electric vehicle (EV) services in Bengaluru, Mumbai, Navi Mumbai, Delhi, Gurugram and Kochi. Yulu operates 25,000 dockless shared EVs [5] and has four million users. Its EVs are used for 280,000 last-mile deliveries and 10,000 commutes each day.
In 2022, Yulu partnered Canadian auto parts manufacturer Magna International to start a battery-as-a-service (BaaS) business, Yuma Energy. Yuma currently supports Yulu riders with battery swaps through its network of stations. It does half a million swaps every month.[6]
Yulu’s investors include Bajaj Auto, Magna International, Wavemaker, Rocketship, 3One4, and Blume. Bajaj Auto is also the manufacturer of Yulu’s third generation of vehicles.
Yulu's revenues touched Rs 42.8 crore ($5.13 million)in FY2023.[7] It has also announced plans to make an initial public offering (IPO) in FY-2026.[8]
History
2017–2018
Yulu was founded in 2017 by Amit Gupta, RK Misra, and Naveen Dachuri. In November 2023, the company's CFO Anuj Tewari was elevated to the role of co-founder.[9]
Yulu’s CEO, Amit Gupta, had earlier co-founded InMobi. He decided to start Yulu to solve urban mobility challenges like congestion and pollution. The service was thus conceived as a ‘flexible, cheap, effective, and clean commuting’ alternative to internal combustion engine (ICE) vehicles.[10]
In January 2018, the company began operations in Bangalore and Pune, followed by Mumbai and Bhubaneswar in the end of 2018.
2019–2021
In 2019, Yulu launched its first shared electric vehicle, the Miracle, in Bengaluru and later in New Delhi. The Miracle is a low speed EV with a 250 watt motor and a top speed of 25km/h and is designated as a non-motorised vehicle under Indian traffic rules.
Yulu also launched its EV sharing service in Ahmedabad in 2020, but wound up its city operations in 2022,[11] after the pandemic.
During the Covid-19 pandemic, Yulu noticed a surge in the number of delivery executives using its EVs for last-mile deliveries. To meet this demand, in 2022, the company launched its DeX model that is built for delivery professionals.[12]
2022–Present
In 2022, the company focused on adding both size and scale. It expanded its presence in the battery as a service (BaaS) market through its associate, Yuma Energy. A joint venture company established by Yulu and Magna in 2022, Yuma operates 120 battery swapping stations across India.[13]
In mid-2023, Yulu diversified into the personal mobility space with a new model, the Wynn.[14] In a departure from its rental business model, this vehicle can be bought by users. The vehicle is presently being sold to users in Bengaluru.
In 2023, Yulu also announced a franchise initiative[15] that would support local entrepreneurs to launch shared EV services in the latter’s own cities.
Business model
Yulu’s business model involves renting low-speed (under 25km/h), dockless EVs to users, typically for short-distance rides. In the same vein as global shared EV companies like Lime, Bolt and Dott, Yulu provides mobility as a service (MaaS) – a concept which envisages a shift from personally-owned transportation towards public and shared transport that can be accessed through a unified gateway.
After launching its services for shared people mobility in 2019, Yulu diversified into shared goods mobility in 2022. Yulu currently caters to 20% of the delivery partners working for quick commerce/on demand delivery companies in Bengaluru, and 10% in Mumbai and Delhi each.
Yulu follows a cluster-based approach and has focused on high-demand pin-codes within its operational cities. In 2023, the company turned profitable at a “unit economics” level,[16] and said that it would break-even as a business soon.[17]
Both the Miracle and DeX models have be successful for Yulu, which has enabled 40 million rides to date. In an article, CEO Amit Gupta attributed this[18] to the company’s strong product-market fit and suitability for Indian road conditions. Gupta said that features that are unique to a developing market like India – lower vehicle ownership, shrinking road space in cities, and a need for affordable, accessible and pollution-free mobility – are driving demand for Yulu’s services. The situation is different in the US, European cities like Paris, or Asian countries like Singapore which have seen micromobility players running into trouble with authorities due to reports of EV-riders becoming a nuisance. In 2023, for instance, Paris banned free floating e-scooters[19] due to complaints around “reckless driving” and “clutter on sidewalks”.
To make the ridesharing service accessible and affordable for the price sensitive Indian market, Yulu tied up with city and Metro authorities in Bengaluru, Delhi and Mumbai to set up parking and battery swapping infrastructure. These partners include the Delhi Metro Rail Corporation (DMRC), Bengaluru Metro (BMRCL), urban bodies like BBMP and DULT in Bengaluru,[20] and the Mumbai Metropolitan Region Development Authority (MMRDA).[21]
Yulu has also signed agreements with quick commerce and last mile delivery companies to provide shared DeX EVs to the latter’s delivery partners. These e-commerce and logistics platforms include Zomato,[22] Shadowfax, and Zepto.[23] The company also tied up with real estate company Prestige Group to provide on-location mobility services to users.[24]
Technology
Yulu’s vehicle hardware, digital apps, and fleet management operations are built on an integrated technology platform developed by the company in-house.
The platform connects Yulu’s users with its micromobility vehicles through a mobile application. It uses IoT, machine learning, and artificial intelligence for efficient demand-supply management and operations.[25]
The company also built a battery charging and swapping system, which it launched in late 2021 under the brand of Yulu Max stations. The Max stations have since been rebranded as Yuma Energy stations.
In September 2022, Yulu obtained a process patent for developing an ‘Electric vehicle system for Shared Mobility’.
Investments
In November 2019, Bajaj Auto invested $8 million in Yulu. In September 2022, Yulu received Series B funding of $82 million in a round led by Magna International and Bajaj. In all the company has raised $105 million in total funding.[26]
Products
Yulu Miracle
The Miracle CT was Yulu's first electric vehicle
The Yulu Miracle was Yulu’s first electric vehicle to be launched in 2019. The lightweight, single-seater and unisex vehicle is IoT-enabled and is designed for intra-city commutes and leisure rides. Yulu has released multiple versions of the bike.
Miracle CT
The Miracle 1.0 was Yulu’s first model, but the model has been retired as of January 2024. Powered by a 250 watt motor, the bike had a top speed of 25km/hour.
Miracle GR
The Miracle GR is manufactured by Bajaj to Yulu’s specifications. The EV is made in India and is purpose-built for urban mobility needs. It is engineered for Indian consumers and climate and road conditions.[citation needed]
Yulu DeX
The DeX is Yulu’s built-for-delivery vehicle. While it is similar to Miracle in some aspects, it has added features like a mobile holder and 15kg weight carrier at the rear. The app-integration for battery swaps enables a higher ride uptime for delivery boys using the Yulu DeX.
DeX NV
The DeX NV was released in 2022 to cater to demand from delivery companies and professionals. DeX is designed for short mile delivery by Yulu and has a range of 60km per charge.
DeX GR
The Yulu Wynn, a personal use EV, was launched in 2023
The DeX GR has been built by Bajaj and features a more stylised design than its predecessor.
Yulu Wynn
Wynn is Yulu’s first vehicle for personal ownership. The Wynn is designed for urban families, and comes with mobility subscription packs to cover users' battery swap costs.
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