Other Deals
Electric bike rental co. Yulu raise $8.2 M from co-founders via rights issue
Bangalore-based electric mobility startup Yulu Bikes has raised USD 8.2 million through a rights issue from its co-founders and existing investors. The startup will issue 5,004 series B3 compulsorily convertible preference shares (CCPS) at INR 1,41,226.3 apiece to raise the sum.Magna International had subscribed to 1,826 Series B CCPS. Among the cofounders, Amit Gupta will invest INR 28.2 crore and Hemant Gupta, Naveen Dachuri, and Rajendra Kumar Mishra will infuse INR 14.1 crore each. Bajaj Auto and Magna International will invest INR 2.8 lakh each in the startup.Founded in 2017, Yulu Bikes is a micro mobility platform that enables integrated urban mobility across public and private modes of transport.
Between Dec-17 and Feb-24, Yulu Bikes had attracted about USD 140 M from 3ONE4 Capital, Bajaj Autos, Blume Ventures, rocketship.vc and others.For FY24, Yulu Bikes had reported about INR 122.79 Cr in Operating Income and about INR 135.53 Cr in Net Loss.
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