Shared electric mobility leader Yulu secures Rs 73Cr financing
Date: 14 Nov 2022
India’s largest shared electric mobility-as-a-service (MaaS) player, received a
loan confirmation of $9 Mn (Rs 73Cr) by the U.S.
International Development Finance Corporation (DFC), the United States
government’s Development Financial Institution (DFI), focused on advancing
economic growth in emerging markets across the world.
International Development Finance Corporation (DFC) proposed the investment in
Yulu through its new e-Mobility financing team, as a part of the institution's
focus on financing clean and zero emissions transportation solutions in India.
In this transaction, Yulu has signed a commitment letter with DFC for a $9
million (? 73 Cr) loan and the funds will further bolster
Yulu’s momentum towards its vision of enabling green last-mile mobility for
people movement and goods deliveries.
Tewari, Chief Financial Officer, Yulu (Bikes Pvt Ltd) said, “As the market
leader in electric mobility, Yulu has served first & last mile mobility
needs of millions of users. Yulu fulfills 6 of United Nations Sustainable
Development Goals, and has successfully built a clean mobility business in
India based on positive unit economics. This financing from a forward-looking
institution as the DFC speaks about their belief in Yulu’s vision and the
ability to execute at scale, to not just create a green mobility alternative
but also to create livelihoods through direct and indirect employment
opportunities. We are quite thrilled.”
has enabled tens of thousands of delivery executives to join the workforce and
increase their net earnings by providing an efficient, sustainable, and affordable
mobility solution. 75 million+ green deliveries have been made using Yulu EVs
till date, and the company has helped save 15000 metric tons of CO2 emissions.
The company has also created a dedicated social and development program for
delivery executives called “Safe Rider,” in conjunction with city and traffic
authorities. The initiative educates delivery executives on road safety
awareness, and has successfully trained delivery executives of many leading
delivery companies in Bengaluru and Delhi.