Yulu, a Bangalore-based electric bike sharing platform and an Incubate Fund’s portfolio startup, raised $4M from Rocketship, US based venture capital fund.
The fresh funding will be used to further strengthen Yulu platform & technology solutions and will enable Yulu to rapidly scale its services across India.
Bengaluru-based electric two-wheeler mobility startup Yulu said it has raised USD 4 million led by US-based VC firm Rocketship joined by existing investors. The funding will be used to ramp up research and development.
Yulu said it has raised more than USD 20 million in total till now from investors including Bajaj Auto Ltd, Blume Ventures, 3one4 Capital, Wavemaker, and Rocketship, among others.
The company had raised USD 8 million in November last year from Indian auto maker Bajaj. As part of the investment, Yulu had said that Bajaj would provide resources for research and development as well as manufacture the startup’s portfolio of electric vehicles (EVs) in India to reduce its dependency on China in manufacturing.
“This money comes with a lot of value. Bajaj brings us huge value on the manufacturing side. But Rocketship’s core competency is around technology, specifically in machine learning and data sciences,” Amit Gupta, co-founder and CEO at Yulu, told KrASIA.
Gupta said, since the company extensively uses IoT, AI, and machine learning, it generates a lot of high-quality data, and with its core-expertise in this space, Rocketship can help Yulu do much more than what it’s able to do now. “Moreover, it helps to have investors based in the US as it opens up new avenues for us. Rocketship’s founders and their team would take things to the next level,” Gupta said.