PE Fund Investments
Electric bikes rental player Yulu raises $82-M led by Canadian automotive parts maker Magna
Bengaluru-based Yulu Bikes, which rents out electric two-wheelers, has raised USD 82 million (about INR 653 crore) from investors led by Canada's automotive parts major Magna. Existing investors, including Bajaj Auto, also participated in the funding round. Magna invested USD 77 million. Amit Gupta-founded Yulu will use the funds for deploying more bikes and for setting up a battery-swapping network in partnership with Magna. The company is looking to ramp up its rental fleet to over 100,000 two-wheelers from about 10,000 at present. The firm will raise debt for further capital requirements.
From the Venture Intelligence PE-VC Deal Database: Between Dec-17 and Jun-20, Yulu had raised over USD 11 M from Rocketship.Vc, 3ONE4 Capital, Blume Ventures (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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