India’s second-largest motorcycle manufacturer Bajaj Auto Ltd will invest in Yulu which is a Bengaluru based cycle sharing platform, which offers electric cycles and bicycles on hire for the last-mile commute. Rajiv Bajaj showed interest in helmed Bajaj Auto in a ride-hailing firm which also comes at a time of cab-hailing giant Uber’s interest in the space.
“This strategic relationship compliment that Bajaj Auto Ltd is investing $8 million in Yulu. The electric two-wheeler Yulu from Bajaj have been co-designed and manufactured exclusively shared for micro-mobility. Also, Bajaj will consider facilitating the vehicle finance needs of Yulu for a large scale deployment of its micro-mobility electric vehicles,” the companies said in a statement.
Amit Gupta, co-founded by ex-InMobi founder Amit Gupta and entrepreneur R.K. Misra, has been gaining traction from traditional tech venture capitalists and venture debut investors. The service was launched in Bengaluru and has since expanded to Mumbai, Pune, Bhubaneswar and Delhi.
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