The largest provider of shared electric mobility-as-a-service (MaaS) in India, Yulu, recently received loan confirmation from the U.S. International Development Finance Corporation (DFC), a development financial institution (DFI) of the U.S. government dedicated to fostering economic growth in emerging markets worldwide.
Through its newly formed e-Mobility financing team, the U.S. International Development Finance Corporation (DFC) proposed the investment in Yulu as part of the organization’s focus on funding clean and emission-free transportation options in India. In this transaction, Yulu and DFC agreed to a commitment letter for a $9 million ( 73 Cr) loan, and the money will help Yulu get even closer to realising its goal of allowing green last-mile mobility for people-moving and package-delivery services.
Official Statement
Anuj Tewari, Chief Financial Officer, Yulu (Bikes Pvt Ltd) said, “As the market leader in electric mobility, Yulu has served first last mile mobility needs of millions of users. Yulu fulfills 6 of United Nations Sustainable Development Goals, and has successfully built a clean mobility business in India based on positive unit economics. This financing from a forward-looking institution as the DFC speaks about their belief in Yulu’s vision and the ability to execute at scale, to not just create a green mobility alternative but also to create livelihoods through direct and indirect employment opportunities. We are quite thrilled.”
Yulu’s Role in India
Yulu has provided an effective, sustainable, and cost-effective mobility solution that has allowed tens of thousands of delivery executives to enter the workforce and enhance their net profits. Up to this point, 75 million or more environmentally friendly deliveries have been made utilising Yulu EVs, and the business has reduced CO2 emissions by 15,000 metric tonnes. In collaboration with local and traffic authorities, the company has also developed a special social and professional development programme for delivery executives called “Safe Rider.” The initiative trains delivery executives of numerous top delivery companies in Bengaluru and Delhi and aims to increase their awareness of traffic safety.
Also Read: Yulu To Create 7000+ Jobs In Karnataka
About Yulu
Yulu was established in 2017 by seasoned and serial entrepreneurs with the goal of making urban commuting clean, inclusive, and sustainable. It is India’s largest Shared EV mobility and battery swapping firm. With the support of the largest AI-powered battery-as-a-service (BaaS) platform in India, Yulu Energy, Yulu offers urban Mobility-as-a-Service (MaaS) in Bengaluru, Mumbai, and Delhi-NCR, giving its users essentially limitless range.