Yulu raises Rs 6.53 billion from Magna International

Yulu, an electric mobility start-up, has raised Rs 6.53 billion in a funding round led by US-based Magna International Incorporation.

The round witnessed participation from existing investors such as Bajaj Auto Limited. The funds raised will be utilised to scale up the start-up’s mobility and battery-swapping businesses. The company also stated that it will use the funding to expand its two-wheeler electric vehicle (EV) fleet to more than 100,000 EVs and more than 500 battery charging and swapping stations over the period of next 12 months.