BENGALURU: Electric mobility start-up Yulu has received a Rs 73 crore (USD 9 million) loan from the US International Development Finance Corporation (DFC). The funds will bolster Yulu’s momentum towards its vision of enabling green last-mile mobility for people movement and goods deliveries, the start-up said. Anuj Tewari, CFO of Yulu (Bikes Pvt Ltd) said,
“As the market leader in electric mobility, Yulu has served the first and last-mile mobility needs of millions of users. Yulu fulfils 6 of the United Nations Sustainable Development Goals, and has successfully built a clean mobility business in India based on positive unit economics.”
This financing from 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, he added.
Founded in 2017, the company claims to have made over 75 million green deliveries using Yulu EVs so far, and it helped save 15,000 metric tons of CO2 emissions. In September, Yulu raised around `650 crore in its Series-B round, which was led by US-based mobility technology company Magna International. Existing investors including Bajaj Auto also participated in the round.