Yulu bags $3.9mn from US based VC firm Rocketship

Yulu will use the proceeds to further strengthen the mobility platform, technology solutions and enable rapid expansion.

EV micro-mobility service provider Yulu raised fresh funding of $3.9 million led by US based VC firm Rocketship and existing investors.

The Bengaluru based bicycle and scooter rental start-up will use the proceeds to further strengthen the mobility platform, technology solutions and enable rapid expansion.

With more than 18,000 eco-friendly vehicles, the company claims that it is witnessing a V-shape recovery post-lockdown due to the surge in demand for solo, safe, and sanitised mobility solutions.

Sailesh Ramakrishnan, Partner, Rocketship said: “Yulu is one of the most exciting and innovative companies in the micro-mobility space and we are happy to join and support the team. We believe that Yulu will revolutionise the daily commute of every Indian while having a significantly positive impact on the environment. We look forward to helping the amazing team at Yulu reach unprecedented scale on their path to creating a global leader in micro-mobility.

So far, the start-up has raised more than $20 million in funding from a clutch of investors like Bajaj Auto, Blume Ventures, 3one4 Capital, Wavemaker, and now Rocketship.