Bengaluru-based Yulu Bikes reported a widened loss of Rs 95 crore for fiscal year (FY23) compared to the previous year, primarily due to higher operational expenses. The standalone loss for the year ending March 31, 2022, stood at Rs 55.5 crore.
However, the company saw a 40 per cent increase in revenue, totaling Rs 42.8 crore in FY23. As per the a few media reports, This growth was driven by higher rentals of their electric bikes, as well as increased interest income from fixed deposits, mutual fund investments and the sale of scrap.
The company’s main cost center was battery charging, with expenses surging 3.8 times. Overall expenses rose to Rs 134.4 crore in FY23, up from Rs 87.3 crore in the previous year. Despite these challenges, Yulu aims to achieve profitability in the current financial year (FY2024), with a target for operational profitability by September. However, there have been no public statements confirming whether this goal has been met.
Yulu has been rapidly expanding its presence across India, particularly through partnerships for hyperlocal deliveries. Recently, the company joined forces with Zepto to deploy 20,000 next-gen electric vehicles for sustainable and eco-friendly deliveries in major cities such as Bengaluru, Mumbai, Delhi and Gurugram.
In the previous year, Yulu secured USD 82 million in a Series B funding round led by mobility-tech company Magna International. Furthermore, news reports suggest that Yulu is planning to launch its initial public offering (IPO) in FY26, indicating its aspirations for further growth and expansion.
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