Yulu secures $82 million in fundingÂ

12 Sep 2022 , 01:22 PM

Yulu, an electric vehicle startup, has raised $82 million (Rs653 crore) in capital from a group of existing investors led by Magna International Inc. of the US.

The startup will use the money to expand its battery-swapping and mobility services.

The company will also utilize the money to buy more than 1 lakh electric two-wheelers and install 500 or more battery charging and switching stations throughout the following year.

Bajaj Auto Ltd, a two-wheeler manufacturer, and Yulu have strategic relationships in place for product design, technological platforms, engineering workflows, and manufacturing. By the end of 2022, Bajaj’s Pune factory will begin shipping its newest line of electric two-wheelers.

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