Yulu, a shared micro-mobility service provider using electric two-wheelers to reduce traffic congestion and air pollution in urban India, announced that it has raised Rs 30 crore in a fresh funding round, according to a VCCircle report.
The current financing round has been led by Rocketship.vc, a US-based venture firm. Existing investors also participated in the funding round, Yulu said in a statement.
According to VCCEdge, the data research arm of Mosaic Digital, other investors in the company include Blume Ventures, Bajaj Auto Ltd, 3one4 Capital, Tracxn Labs and Incubate Capital Partners.
The Bengaluru-based company said it will use the funds for expansion, strengthening its platform and technological infrastructure.
Founded in 2017 by Amit Gupta, Yulu said that it is targeting the first- and last-mile connectivity for consumers via bicycles and e-bikes. It initially began operations in Bengaluru and is now present in cities including Mumbai, Delhi and Pune.
“It is becoming increasingly evident that shared mobility platforms like Yulu will lead the large-scale adoption of electric vehicles in India,” Amit Gupta said.