Electric mobility startup Yulu has raised Rs 25 crore in debt from Northern Arc Capital, a non-banking financial company based in Chennai. The move marks a notable step in Yulu's journey towards enhancing urban mobility solutions.
Details of the financial transaction
According to Entrackr, which first reported the development, The funding was secured through the issuance of non-convertible debentures. Specifically, Yulu Bikes' board approved a special resolution to issue 250 debentures. Each debenture was priced at Rs 1,00,000, cumulatively amounting to the Rs 25 crore raised.
Yulu's previous funding round
Prior to this, in September 2022, Yulu had raised a substantial $82 million in a Series B equity funding round led by US-based Magna International.
Yulu's business revolves around providing last-mile connectivity solutions. The startup operates an extensive network of electric bikes, along with EV charging and battery swapping facilities. It is primarily focused in urban areas like Bengaluru, Mumbai, and Delhi-NCR.
Strategic partnerships and achievements
Yulu has established a significant partnership with Bajaj Auto, a leading two-wheeler manufacturer in India. The partnership has been instrumental in areas such as product design, technology platforms, engineering processes, and manufacturing. Additionally, Yulu's joint venture with Magna, named Yuma, has achieved over 6.5 million battery swaps to date.
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