Electric mobility startup Yulu said it has raised $82 million (Rs 653 crore) in funding led by US-based Magna International Inc., with existing investors such as Bajaj Auto Limited also participating. The startup will use the funds to scale its mobility & battery-swapping businesses. Yulu said it will also use the funding to increase its two-wheeler electric vehicle (EV) fleet to more than 1 lakh electric and 500 plus battery charging and swapping stations in the next 12 months.

“We see a 100 times growth opportunity for Yulu in both the battery-as-a-mobility (BaaS) and mobility-as-a-service (MaaS) businesses in the next three-four years. Our focus will be to establish a robust and agile supply chain and scale up our operations. We will go deeper in our existing markets and explore new areas” said Amit Gupta, cofounder & CEO of Yulu (Bikes Pvt Ltd).

Yulu has had strategic partnerships with two-wheeler manufacturer Bajaj Auto Ltd on product design, technology platforms, engineering processes, and manufacturing. Its next generation of electric two-wheelers will roll out of Bajaj’s Pune facility by 2022 end.

“This is an exciting time for Magna to contribute to a sustainable future in urban mobility through this investment in Yulu. Micromobility presents a great opportunity for additional growth for Magna, and joining forces with Yulu helps us expand our business into this rapidly growing sector,” said Matteo Del Sorbo, executive vice president of Magna International and global lead of Magna New Mobility. Further, Yulu is forming a new entity Yulu Energy with Magna to create nationwide battery charging & swapping infrastructure to cater to the demand from Yulu and other EVs.