India’s market leader in shared electric 2-wheeler Mobility-as-a-Service (MaaS) and Battery-as-a-Service (BaaS) businesses, Yulu on November 2nd entered a Memorandum of Understanding (MoU) with the Government of Karnataka re-affirming its commitment to the electric mobility ambition of the State.
The Honorable Chief Minister of Karnataka Shri Basavaraj Bommai, Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman, other Union Cabinet Ministers, State Government officials, and other distinguished dignitaries were all present when Mr. R K Misra, Co-Founder, Yulu, signed the MoU. This took place at the Invest Karnataka Global Investors Meet in Bengaluru.
In accordance with the terms of the MoU, Yulu would invest 1200 crores over the course of the next five years to deploy a fleet of 1 Lakh electric vehicles and operationalize the largest EV battery charging and swapping infrastructure in the State. The MoU also covers investments made in product innovation, new technology, and sustainable operations in addition to developing a workable and economical shared solution for urban mobility at scale. A total of 7000 direct jobs will be produced through Yulu’s value chain operations. Additionally, Yulu will use its skills in research, development, and manufacturing to design, develop, and produce IoTs and EV charging equipment.
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Mr R K Misra, Co-Founder, of Yulu said, “Karnataka is one of the most progressive & action-oriented states of the country in embracing an EV future. As a leading Electric Mobility player and an active industry participant, Yulu has worked closely with policymakers & government departments to help formulate policies that foster a vibrant EV ecosystem. This MoU is a step forward in that partnership and also cements Karnataka’s position as a preferred investment destination for electric vehicle manufacturing, R&D, and deployment hub in India. We are committed to redefine urban mobility by reducing congestion & pollution, and a thriving Government-Industry partnership will play a foundational role in achieving this vision.”
In order to enable shared mobility at scale, Yulu is guided by the principles of affordability, accessibility, and availability. Yulu has assisted millions of customers with their first and last-mile mobility needs. Yulu EVs have been used for thousands of green deliveries, resulting in the reduction of 15,000 metric tonnes of CO2 emissions. Yulu has made it possible for tens of thousands of gig economy employees to enter the workforce and boost their net profits by offering a productive, environmentally friendly, and reasonably priced mobility service.