Bajaj invests $8mn in Yulu to boost EV adoption in India
Leading bike maker Bajaj Auto on Tuesday announced an investment of $8 million in Bengaluru-based bike-sharing platform Yulu to boost electric vehicle adoption in India.
The fresh round of investment will be utilised for further strengthening of the mobility platform and deepening of the technology solutions for rapid expansion, Yulu said.
Yulu deploys machine learning and artificial intelligence (AI) to accurately predict the demand and supply of its assets and resources which ensures vehicle availability and operational efficiency.
"Yulu is the leading electric micro-mobility service provider that requires reliable, durable and comfortable electric vehicles to serve its customers, hence a committed manufacturing partner is crucial to our success. In Bajaj, Yulu finds this strategic partnership and it is a win-win relationship," Amit Gupta, Co-Founder and CEO, Yulu, said in a statement.
"Yulu's electric two-wheelers will help Indian commuters with the first and the last mile connectivity option. This partnership aims to solve the mobility challenges of urban India in an eco-friendly manner," Gupta said.
Yulu said it plans to increase its fleet size to 100,000 electric two-wheelers by December 2020 with an extensive network of its battery-swapping stations across the cities where it operates.
As part of their strategic relationship, Yulu will source from Bajaj electric two-wheelers which have been co-designed and manufactured exclusively for shared micro-mobility.
Bajaj will also consider facilitating the vehicle finance needs of Yulu for a large scale deployment of its micro-mobility electric vehicles.
"At BAL (Bajaj Auto Limited), we believe that the two factors of congestion reduction and pollution control will drive the segment of shared micro-mobility in the future," said Rajiv Bajaj, Managing Director of Bajaj.
"That coupled with the expansion of Mass Rapid Transport System like Metro in large cities will further boost the demand for flexible last-mile connectivity," Bajaj said.
Consumer adoption of EVs has been limited in India due to practical factors like range anxiety and availability.
Yulu said it is building an ecosystem of EV led micro-mobility and aims to expand its services to eight mega cities and select smart cities.IANS