E-bike rental co Yulu raises $7-M from Magna International

Bengaluru-based e-bike rental company Yulu has raised USD 7 million in a debt round from Magna International INC through non-convertible debentures (NCDs. Yulu offers last-mile connectivity through its electric bike and network of EV charging and battery swapping network. It's developing the Yulu Max Network which would help users swap their batteries. It aims to have 500 Max stations across Bengaluru, Mumbai and Delhi NCR regions by July. The company has been eyeing to raise USD 40 million in equity capital.