Yulu valuation to reach Rs 276 Cr

Bike-sharing platform designed to rent a bicycle for short distance commute. the business module of Yulu uses IoT technology to create a vast network of shared dockless bicycles that can be rented easily, enabling users to resolve last-mile connectivity and reduce traffic congestion.

Yulu offers two vehicles on rent: a lithium-powered scooter, Yulu Miracle, that can go up to 25 km top speed and a smart bike – Yulu Move. The company claims to receive 30,000-35,000 rides daily, of which 12,000-13,000 come from its e-scooters.

Yulu have been solving the last mile commute headache and it continues to raise small rounds on regular intervals. Yulu was valued at around Rs 276 crore in the Series A round. A valuation report filed by the company shows that it allotted shares to Bajaj Auto at the same valuation ~ Rs 276 crore ~ as on 31st May 2019.

With the Series A round, Yulu eyes to increase its fleet size to 100,000 electric two-wheelers by December 2020. Currently, it has 15,000 electric scooters across Bengaluru, Mumbai, Pune, and some limited areas of Bhubaneshwar and Delhi.

Investment from the automobile giant is more of a strategic nature for both companies as Yulu is leveraging Bajaj to build hardware for charging and make vehicles anti-theft and IoT-enabled. Besides Bajaj, the firm had tied up with Uber to allow users to access its services.