Indian electric mobility startup Yulu has secured INR 25 crore in debt from Chennai-based non-banking financial company Northern Arc Capital. As per information obtained from the Registrar of Companies, the board of Yulu Bikes has approved a special resolution to issue 250 non-convertible debentures at an issue price of INR 1,00,000 each, with the goal of raising INR 25 crore through this mechanism.

In September 2022, Yulu received a substantial financial infusion, securing $82 million in equity funding through a Series B funding round led by Magna International, a US-based company. Renowned for its electric bikes providing last-mile connectivity and an extensive network of EV charging and battery swapping stations, Yulu operates in prominent urban centers such as Bengaluru, Mumbai, and Delhi-NCR. As a Mobility-as-a-Service (MaaS) provider, Yulu, in collaboration with the Canadian automotive supplier Magna through their joint venture Yuma, has successfully conducted over 6.5 million swaps to date.

Demonstrating its ongoing dedication to innovation and expansion, Yulu has established a strategic alliance with India's renowned two-wheeler manufacturer, Bajaj Auto. The partnership between Yulu and Bajaj Auto has evolved over time, encompassing diverse elements such as product design, technology platforms, engineering processes, and manufacturing. Despite encountering a loss of Rs 94.88 crore, Yulu has displayed encouraging financial advancements, recording Rs 41.74 crore in revenue from operations in the previous fiscal year.