80% of its revenue comes from its deliveries business
Bajaj Auto-backed electric ride-sharing platform Yulu, which started off as an e-bike rental company but pivoted to goods transport in the aftermath of the pandemic, is looking to get back to moving people around, through a big supply push it'll make after it closes a Series-C funding round.
The Bengaluru-based startup is looking to raise $70-$80 million next quarter in a Series-C round, after having just received $19 million from existing investors Bajaj Auto and Magna.
While Yulu's pivot to facilitating last-mile deliveries paid off, with the segment now accounting for 80% of its revenues, it is now looking to double down on its original founding principle - e-bike rentals for people by the minute, which according to co-founder Amit Gupta, generate positive unit economics for the business, better than its deliveries business.
This story is from the February 27, 2024 edition of Mint Mumbai.
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This story is from the February 27, 2024 edition of Mint Mumbai.
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