US DFC Infuses USD 9 M In EV Startup Yulu

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Yulu Bikes, which operates the e-mobility-based transport startup Yulu, pockets a loan worth $9 million from the US government’s Development Finance Corporation (DFC). The Bengaluru-based e-mobility company mentioned that it will deploy the fresh funds to further boost its green mobility alternative.

Amit Gupta founded the company in 2017 to provide last-mile connectivity via electric miles.Moreover, it operates a network of EV charging and battery swapping stations. Furthermore, the company claims to have made over 75 million green deliveries across the company using Yulu electric vehicles.

Prior to snagging the deal, Yulu raised Rs 653 crore in its Series B funding round, led by US-based mobility technology company Magna International. Bajaj Auto, an existing investor in the startup, also took part in the last fund raise.



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