Silicon Valley-based Rocketship, leads Rs 30 Crores equity funding, its first-ever investment in the Indian micro-mobility sector
Press release- Bangalore, Jun 22, 2020: Yulu, India’s EV micro-mobility service provider today announced a fresh infusion of Rs 30 crores in equity funding led by US-based VC firm Rocketship and existing investors. The new investment will be used for further strengthening the mobility platform, technology solutions, and enabling rapid expansion. The fresh investment amid the COVID-19 crisis validates the vision and the growth potential of the new-age mobility firm.
Commenting on the fresh investment, Amit Gupta, Co-founder & CEO, Yulu said “We are glad to have Rocketship on board as our new investor. We stand to benefit from their global expertise in supporting technology-led businesses and look forward to working with them.”
“Yulu is one of the most exciting and innovative companies in the micro-mobility space and we are happy to join and support the team. We believe that Yulu will revolutionize the daily commute of every Indian while having a significantly positive impact on the environment. We look forward to helping the amazing team at Yulu reach unprecedented scale on their path to creating a global leader in micro-mobility.” said Sailesh Ramakrishnan, Partner at Rocketship.vc
Rocketship is known for its ability to spot companies with high potential in their early stage and has invested in many successful Indian startups.
Amit Gupta further added, “Our user survey indicates that safety from Coronavirus is the topmost concern of commuters. Users find Yulu as the safest mode of commute due to our single-seater vehicles and frequent sanitization. It is becoming increasingly evident that shared mobility platforms like Yulu will lead the large scale adoption of Electric Vehicles in India.“
RK Misra Co-founder and President Ecosystem Partnerships – Yulu said “Electric Mobility comes with its own challenges of charging infrastructure and range anxiety. Yulu has overcome these challenges by its proprietary IoT driven and highly scalable charging infrastructure. Yulu has developed a robust EV ecosystem right from in-house vehicle design to setting up of highly scalable battery swapping infrastructure and on-ground operations to accelerate the adoption of EVs in India”
So far, YULU has raised more than $20M in funding from key investors like Bajaj Auto Ltd, Blume Ventures, 3one4 Capital, Wavemaker, and now US-based Rocketship, among others. With more than 18,000 eco-friendly vehicles, YULU runs India’s largest EV-led micro-mobility platform. The company is witnessing a V-shape recovery post-lockdown due to the surge in demand for solo, safe, and sanitized mobility solutions. YULU is committed to transforming the way people commute in India, working closely with the cities, corporates, and citizens.