E-mobility rental startup Yulu raises $19.25 M from Magna and Bajaj Auto

Bengaluru-headquartered shared mobility services provider Yulu Bikes has raised USD 19.25 million (about INR 160 crore) from existing strategic investors Magna and two-wheeler maker Bajaj Auto, with which it has a strategic partnership to develop electric vehicles (EVs). The new capital will be used to launch a new product, extend reach and develop technology.Yulu claims to have witnessed significant demand growth, particularly in Gurugram and Mumbai, prompting the need for additional capital to accelerate expansion plans.