Yulu, a Bangalore-based electric bike sharing platform, which maintains a partnership with Uber said today it has won the backing of one of the country’s largest automaker firms.
The two-year-old startup said it has entered into a strategic partnership with Bajaj Auto, which has also funded Yulu’s $8 million Series A financing round. As part of the partnership, Bajaj will co-design and manufacture future generation of Yulu two-wheelers, Amit Gupta, cofounder and chief executive of Yulu, told TechCrunch in an interview.
Yulu, which operates in Bengaluru and recently entered portions of New Delhi and Mumbai, has raised about $18.5 million to date, he said.
The startup maintains over 3,000 electric bikes on its platform. A customer can rent the bike through Yulu’s app for 14 cents, pay another 14 cents for each hour of usage and then park it at the nearest zone.
More to follow…