Yulu Future Plans: Aims to Have 1 Million E-Bikes on the Road in Next 3 Years!

Yulu is India’s biggest shared electric mobility manufacturer. The company is planning to invest $500 million (roughly Rs 4,000 crore) in the upcoming 3 years, aiming to hit 3 million electric 2-wheelers by 2025. And after the recent partnership deal between Yulu and Bajaj, the company intends to ramp up its production at Bajaj’s factory to 1 lakh units by 2023. 

In the recent launch event of the DeX GR and Miracle GR, the CEO of Yulu, Amit Gupta, told the press, “the mobility transition to EV is inevitable, and it is no more a question mark, and the company is right in the intersection of disruption of new age, shared and electric for last mile. We are looking at a 10X growth in revenues and almost 100X growth in the fleet. The concept has been very well accepted by both individual and last-mile delivery providers. We are of a firm belief that if you want to move fast, it is important to be working with like-minded partners – who believe in our vision, and that is where we are lucky to have partners like Bajaj and Magna.”

Amit Gupta further added, “Yes, people will buy their own cars or bikes, but there are many use cases where the journey can be all-electric. We want to make it so frictionless that if you want to come out of your home, office or metro, you will have a Yulu to meet your needs.”

In addition to meeting individual last-mile needs, 60% of Yulu rides are taken by last-mile delivery services since they can reduce their costs by 30% to 40%.

With more capacity coming online, Yulu plans to expand its business mode. The brand plans to add franchisee partners and possibly earn fees through them. Moreover, later this year, they will begin to sell electric scooters to individuals.

The CEO added that there is a big white space for “personal easy mobility, the product is at the final stage, we should launch it by the end of the year.”

The global auto component giant Magna recently purchased about 9% equity in Yulu, while Bajaj Auto currently controls about 18–29% of the company's stock. Yulu hopes to partner with franchisees that want to deploy EVs and wants to make use of the partners' global reach.

“We are looking at South East Asia and Latin America markets, there are several partners who have showcased their interest in our platform, and we hope to have a presence in at least one country this year.”

After doubling its fleet in the previous three months, Yulu is prepared to deploy 1 lakh vehicles across India's major cities and is aiming for a more than 10-fold increase in revenue by the end of the year. Yuma Energy powers the swappable batteries used by Yulu's fleet. The business intends to increase the number of Yuma stations from the existing 100 across Bengaluru, Mumbai, and Delhi to 500 other cities by 2024.

Do check out the 2 new upgraded 2-wheelers Yulu unveiled in partnership with Bajaj Auto!

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