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India’s EV market is estimated to touch $2 billion by 2023, according to TechSci Research.
Bengaluru-based last-mile micro-mobility platform Yulu on Monday announced that it has raised a fresh funding of Rs 30 crore led by US-based VC firm rocketship.vc and existing investors.
Amit Gupta, Co-founder and CEO, Yulu shared “Users find Yulu as the safest mode of commute due to our single-seater vehicles and frequent sanitization. It is becoming increasingly evident that shared mobility platforms like Yulu will lead the large scale adoption of Electric Vehicles in India.”.
This marks rocketship.vc’s first-ever investment in the Indian micro-mobility sector. The VC firm has backed many Indian startups including players Moglix, Khatabook, NoBroker.com, and Locus to name a few.
So far, Yulu has raised more than $20 million in funding from key investors like Bajaj Auto Ltd, Blume Ventures, 3one4 Capital, Wavemaker Partners, and now US-based rocketship.vc, among others. In November 2019, Yulu had received Series A funding of $8 million, led by leading automobile manufacturer Bajaj Auto Ltd.
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US-based Rocketship leads Rs 30 Cr funding in micro-mobility platform Yulu
Bengaluru-based last-mile micro-mobility platform Yulu on Monday announced that it has raised a fresh funding of Rs 30 crore led by US-based VC firm Rocketship and existing investors. According to a statement released by the startup, the new investment will be used for further strengthening the mobility platform, providing technology solutions, and enabling rapid expansion.
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