Yulu to raise $100 million to expand business model

Electric two-wheeler startup, Yulu is planning to raise up to $100 million to expand its business model.

Yulu will expand its fleet to 100,000 units by the end of the year from 10,000 units currently, open up franchisee models to reach newer cities and cater to personal buyers in the next one year.The company has so far raised $30 million in equity capital. It has an outlay of $100 million in a combination of equity and debt to help accelerate growth.