A leading shared two-wheeler (electric) Mobility-as-a-Service (MaaS) as well as Battery-as-a-Service (BaaS) start-up, Yulu signs an agreement with the government of Karnataka.
The company plans to invest Rs 1,200 crore in a 1 lakh electric vehicles fleet and to set up infrastructure for charging and battery swapping system for the coming 5-years.
Yulu’s Co-Founder R K Misra signed the MoU in the presence of the Chief Minister of Karnataka, Basavaraj Bommai, Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, other State Cabinet Ministers, and other dignitaries attending the Invest Karnataka Global Investors Meet at Bengaluru.
Yulu states that in addition to providing a practical as well as an affordable solution for urban mobility at scale with investments to be made for product innovation, new technology, and sustainable operations. It plans to create approximately 7,000 jobs in its value chain activities. Yulu will also use its R&D expertise and research to develop, manufacture, and market IoTs as well as EV charging equipment.
Yulu’s co-founder R K Misra said that the MoU was a significant step in that partnership. It also cements Karnataka as an investment destination for electric vehicle manufacturing and R&D.
According to the EV player, its solution provides first- and last-mile mobility. It has also established a successful collaboration with Bengaluru Metro, and BBMP/DULT for parking and charging infrastructure.
Yulu zones can be found near key BMRCL Metro Stations, BMTC bus stops, and more than 1,000 other locations throughout the city. It has over 70 charging and battery-swapping stations and is growing rapidly.