Yulu Bikes, a prominent Bengaluru-based startup specializing in small-format, battery-operated vehicles, is gearing up to generate substantial investor interest in the coming years. According to a report by the Economic Times (ET), the company’s CEO has indicated that Yulu Bikes might consider filing for an initial public offering (IPO) in the financial year 2026.
The escalating traffic congestion on urban roads, coupled with the government’s steadfast commitment to promoting clean and sustainable mobility solutions, has bolstered the demand for technology-driven vehicles, as highlighted in the ET report. Yulu Bikes, in collaboration with Bajaj Auto, recognizes this growing demand and envisions a promising market for their innovative products.
To facilitate its operations, Yulu Bikes, founded by Amit Gupta, is actively seeking both debt and equity investments in the near to medium term. These funds will enable the company to achieve its objectives and expand its market presence.
Gupta stated, “Based on our projections, excluding our recent foray into the personal mobility business, we anticipate achieving profitability in the current financial year. If we can sustain this momentum for a few years, we aim to approach the capital markets in FY26.” This demonstrates Yulu Bikes’ confidence in its growth trajectory.
Recently, Yulu secured $9 million in funding from the US Development Finance Corporation to support its ambitious growth plans. Moreover, the company successfully closed a Series B funding round of $82 million in September of last year, led by Magna International, a prominent automotive parts manufacturer.
The “Miracle” bike offered by Yulu has garnered significant popularity, particularly in major cities like Mumbai, where it operates on the principle of mobility as a service. As per the ET report, personal users can avail themselves of the “Miracle” bike at a rate of ₹2 per minute. This has led to an astonishing 11-fold increase in the number of low-speed “Miracle” bikes in use in Mumbai over the past year. Gupta also noted similar growth patterns in Bengaluru and Delhi, further highlighting the market demand.
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All Yulu models are developed and manufactured by Chetak Technologies, the EV unit of Bajaj Auto, with the latter holding less than a 20% stake in Yulu. Yulu recently unveiled its first personal electric two-wheeler, called Wynn, at an introductory price of ₹55,555. Earlier this year, the company introduced its third-generation drugs, Miracle GR and Dex GR.
Yulu has ambitious plans to deploy 100,000 vehicles, targeting 1 million to 1.5 million monthly active users by the end of the 2023-2024 period, according to the ET report.
About Yulu Bikes:
Yulu is the leading shared micro-mobility service provider in India, employing electric two-wheelers to combat traffic congestion and air pollution in urban areas of the country. Yulu’s services are widely utilized for short-distance commutes and deliveries, playing a significant role in India’s ambitious plan to electrify its transportation sector by 2030. As of December 14, 2022.
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