Shared Electric Mobility Leader Yulu Signs MoU With Government of Karnataka To Invest Rs 1200 Crores And Create 7000+ Jobs

* Yulu will deploy 1 Lakh Electric Vehicles in Karnataka and will create the largest EV battery charging and swapping infrastructure in the state over the next 5 years.

* The investment will accelerate EV adoption in the State & reduce the carbon footprint.

* Yulu will establish a Centre of Excellence for designing and optimising cutting-edge vehicle designs, IoTs and EV charging equipment.

Yulu, India’s market leader in shared electric 2 wheeler Mobility-as-a-Service (MaaS) and Battery-as-a-Service (BaaS) businesses, today entered a Memorandum of Understanding (MoU) with the Government of Karnataka re-affirming its commitment to the electric mobility ambition of the State. The MoU was signed by Mr R K Misra, Co-Founder, Yulu, in the presence of 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 prominent dignitaries at the Invest Karnataka Global Investors Meet in Bengaluru.

As part of the MoU, Yulu in line with its business expansion for exponential growth, will invest ? 1200 crores to deploy a fleet of 1 Lakh EVs and operationalize the largest EV battery charging and swapping infrastructure in the State over the next 5 years. In addition to creating a practical & affordable shared solution for urban mobility at scale, the MoU also covers investments made in product innovation, new technology and sustainable operations. Yulu will create about 7000 direct jobs across its value chain activities. Additionally, Yulu will leverage its R&D and research expertise to design, develop & manufacture IoTs and EV charging equipment. 

Mr R K Misra, Co-Founder, 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 policy makers & 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.”

Yulu is driven by the principles of Affordability, Accessibility & Availability to enable shared mobility at scale. Yulu has served millions of users for their first & last mile mobility needs and lakhs of green deliveries have been made using Yulu EVs, helping save 15000 metric tons of CO2 emissions. Yulu has enabled tens of thousands of gig economy workers to join the workforce and increase their net earnings by providing an efficient, sustainable, and affordable mobility service.

As a market leader in the first & last mile mobility, Yulu has built successful partnerships in Karnataka with Bengaluru Metro (BMRCL), and city authorities in Bengaluru (BBMP/DULT), for both parking and charging infrastructure. Yulu zones are present in the vicinity of key BMRCL Metro Stations and BMTC bus stops, in addition to 1000+ locations in the city. With over 70 charging & swapping stations Yulu already has a sizable presence in the Battery-as-a-Service business and continues to expand at a rapid pace.

About Yulu:

Yulu is India’s largest Shared EV mobility & battery-swapping company, founded in 2017 by seasoned & serial entrepreneurs with the mission to make urban commuting clean, inclusive & sustainable. Backed by marquee financial as well as strategic investors, Yulu provides urban Mobility-as-a-Service (MaaS) in Bengaluru, Mumbai, and Delhi-NCR, and has successfully created India’s largest AI-powered Battery-as-a-Service (BaaS) platform, to provide practically unlimited range to its users. This network has completed 3.5 million+ battery swaps till date and has enabled the accelerated adoption of electric mobility in India. As a pioneer in the EV space, Yulu has influenced several policies aimed towards electric vehicles, and has generated livelihood opportunities for millions of people. For further information, please visit www.yulu.bike or follow us on Twitter @YuluBike.

Photo Caption:  Mr. R K Misra, Co-Founder, Yulu with Honourable Chief Minister of Karnataka Shri Basavaraj Bommai, Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman, and other prominent dignitaries at the Invest Karnataka Global Investors Meet in Bengaluru.