Yulu Bikes Pvt. Ltd. (stylized as yulu) is an Indian company headquartered in Bengaluru.[2][3] It provides shared low-speed two-wheeler electric vehicle (EV) services in Bengaluru, Mumbai, Navi Mumbai, Delhi, Gurugram, Noida and Hyderabad. It also has a presence in Indore, Kochi, Tirunelveli, Pondicherry and Vadodara through local partners. Yulu operates 40,000 dockless shared EVs [4] and has four million users. Riders using Yulu have travelled 700 million km, helped save 27 million kg of CO2 emissions and have made 160 million green deliveries till date.
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 over a million swaps every month.[5]
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. The company became India’s largest EBITDA (earnings before interest, taxes, depreciation and amortisation) profitable shared electric mobility company in 2024. It claimed to have achieved an Annual Recurring Revenue (ARR) of $30 million in FY2025.[6]
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]
Amit Gupta, Founder and CEO, Yulu, credits two major partners for the shared electric 2-wheeler company's early success—its strategic investors and Indian regulators.
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 25 km/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 looks to expand its footprint to over 300 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] Yulu Business Partner (YBP) that empowers local entrepreneurs to launch shared EV services in the latter’s own cities. Currently, Yulu has tied up with local entrepreneurs in Indore, Kochi, Tirunelveli and Pondicherry to bring leisure and goods mobility to these cities.
Business model
Yulu’s business model involves renting low-speed (under 25 km/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 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 over 100 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. This ‘energy’ business has since been spun off as a JV with Magna International and operates independently by the name of Yuma Energy.
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. Yulu has raised over $123 million in equity capital — which includes $52 million for Yuma — till date. Yulu has also secured $12 million in debt financing from the U.S. International Development Finance Corporation (DFC) and from Northern Arc.[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.
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.
Related Research Articles
Bajaj Auto Limited is an Indian multinational automotive manufacturing company based in Pune. It manufactures motorcycles, scooters and auto rickshaws. Bajaj Auto is a part of the Bajaj Group. It was founded by Jamnalal Bajaj (1889–1942) in Rajasthan in the 1940s.
The Bajaj Chetak is a motor scooter produced by the Indian Bajaj Auto Company. Past models were petrol powered. The modern version is electric, and it is powered by a 4.2 kW BLDC Motor with a 2.89 kWh lithium-ion battery pack. The scooter has a claimed top speed of 69 km/h (50 mph) and comes with a 90 km range.
The automotive industry in India is the world's fourth-largest by production and valuation as per 2022 statistics. As of 2023, India is the 3rd largest automobile market in the world in terms of sales.
Mercedes-Benz India Pvt. Ltd. is a wholly-owned subsidiary of the German Mercedes-Benz Group founded in 1994, with headquarters in Pune, Maharashtra, India.
The electric vehicle industry in China is the largest in the world, accounting for around 58% of global production of electric vehicles (EVs) and more than 1.5 million exports in 2023. In 2023, CAAM reported China had sold 9.05 million passenger electric vehicles, consisting 6.26 million BEVs and 2.79 million PHEV. China also dominates the plug-in electric bus and light commercial vehicle market, reaching over 500,000 buses and 247,500 electric commercial vehicles in 2019, and recording new sales of 447,000 commercial EVs in 2023.
Greaves Cotton Ltd. is an Indian conglomerate engineering company that manufactures clean technology powertrain products for petrol, diesel and CNG engines and heavy equipment. The company is traded on the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE).
Fisker Inc. is an American automotive company founded by Danish automotive designer Henrik Fisker and his wife Geeta Gupta-Fisker.
Nio Inc. is a Chinese multinational automobile manufacturer headquartered in Shanghai, specializing in designing and developing electric vehicles. The company was established in 2014, and adopted its current name in 2016. In 2018, Nio filed for an initial public offering on the New York Stock Exchange. The company expanded its sales to the European market in 2021. As of 2023, Nio has two manufacturing plants in Hefei, Anhui Province, China, in collaboration with state-owned vehicle manufacturer JAC Group.
A scooter-sharing system or kicksharing system is a shared transport service in which electric motorized scooters are made available to use for short-term rentals. E-scooters are typically "dockless", meaning that they do not have a fixed home location and are dropped off and picked up from certain locations in the service area.
Micromobility refers to a range of small, lightweight vehicles, driven by users personally. Micromobility devices include bicycles, velomobiles, e-bikes, electric scooters, electric skateboards, shared bicycle fleets, and electric pedal assisted (pedelec) bicycles.
This is a list of concept vehicles made by Toyota from the years 2020–2029.
Omega Seiki Mobility is an Indian electric vehicle manufacturer that is developing its own line of commercial EVs primarily deployed with e-commerce for last-mile delivery. Headquartered in New Delhi, India, Omega Seiki serves as a separate business auto vertical of the Anglian Omega Group. The company's first vehicle - Rage+, was indigenously designed and developed in its manufacturing facility in Faridabad, Haryana. Launched in February 2020 at the Auto Expo 2020, Rage+ is claimed to be India's first smart electric cargo three-wheeler. Recently, the company also unveiled a refrigerated vehicle - Rage+ Frost that will assist in delivery of food and pharmaceuticals, particularly the COVID-19 vaccine. Going forward, Anglian is looking to invest US$300–600 million in its e-mobility venture as it is committed to build India's first global electric cargo company. Omega Seiki Mobility, with their French partner Systemics, are planning to launch hydrogen-powered three-wheelers in India with a range of 700 km with a two kg cylinder.
Ola Electric Mobility is an Indian electric vehicle manufacturer company founded in 2017 by Bhavish Aggarwal. Headquartered in Bangalore, Karnataka, the company designs and manufactures electric two-wheelers, including the Ola S1 in three variants named Ola S1 Air, Ola S1X and S1 Pro. It has its manufacturing facility located in Krishnagiri, Tamil Nadu.
BluSmart Mobility is an Indian ride-sharing company, headquartered in Gurugram, India. It was founded by Anmol Singh Jaggi, Punit K Goyal and Puneet Singh Jaggi in 2019. As of 2022, the company's fleet of vehicles includes the Mahindra e-Verito, Tata e-Tigor, Tata Xpres-T EV, Hyundai Kona Electric and MG ZS Electric. It is India's first all-electric shared smart mobility platform.
The Mobility in Harmony Consortium is an organization led by Foxconn to operate the MIH Open EV Alliance, which promotes an eponymous electric vehicle development platform featuring open standards.
Wardwizard Innovations & Mobility Limited is a publicly-held electric vehicle manufacturing company based in India. It is engaged in manufacturing eco-friendly electric scooters and vehicles. It operates in the electric vehicle manufacturing sector in multiple countries, including India, Uganda, and Nepal.
SUN Mobility is an electric vehicle energy services company founded in 2017 that develops, manufactures and operates battery swapping infrastructure for electric two-wheelers, three-wheelers, and larger commercial vehicles. Battery swapping technology helps accelerate the faster adoption of electric vehicles due to the lower upfront purchase price of electric vehicles, and the lower running costs - particularly in the case of commercial applications.
Revfin is an EV financing platform and it offers commercial electric vehicle loans through its non-bank financial institution Aristo Securities Private Limited founded in 2018 in India and headquartered in New Delhi. The company operates in 24 states in India and focuses on lending EV loans primarily to people with little or no credit history. Revfin is one of the partners of the Shoonya initiative by NITI Aayog. The company has also joined the PM Solar2EV Initiative launched by the Ministry of Social Justice & Empowerment & Government of Maharashtra. this partnership aims to provide digital lending services and promote financial inclusion. The company's participation in the PM Solar2EV Initiative is expected to expedite its target of financing 2 million electric vehicles nationwide by 2029. As of 2024 the company has served over 75,000 customers & disbursed INR 1000 Crores worth of loans.
EKA Mobility is an Indian electric vehicle manufacturer headquartered in Pune, Maharashtra.
This page is based on this Wikipedia article Text is available under the CC BY-SA 4.0 license; additional terms may apply. Images, videos and audio are available under their respective licenses.
