E-bike rental startup Yulu, which is seeking to go public, expects to show operationally worthwhile by September and plans to broaden its presence in India and overseas, its chief government mentioned.
The startup, which at present operates in Bengaluru, Delhi and Mumbai, will enterprise into cities together with Hyderabad, Pune, Chennai, Kolkata and Ahmedabad over the subsequent 15 months.
It may even discover partnerships with native entrepreneurs in smaller markets corresponding to Varanasi, Agra and Goa.
“Yulu is open to give its technology platform to anyone who wants to run a small fleet in cities where we do not have a long-term plan to run it,” CEO Amit Gupta advised Reuters.
The plan comes amid a broader authorities push for the electrification of shared transport and at a time when Yulu depends on its tie-ups with supply companies Zomato, Swiggy and Zepto to fend off rivals, together with Gogoro-backed Zypp Electric and SoftBank-backed Ola Electric.
Delivery executives account for 60 p.c of Yulu’s fleet utilisation and income share, the startup mentioned in a press release to Reuters, including that greater than 50,000 of them used its companies in FY23.
Co-founded by Gupta, RK Misra and Naveen Dachuri in 2017, Yulu is aiming to attain a four-fold improve in its fleet to 100,000 autos by the tip of the present fiscal yr.
The startup’s annual losses had narrowed to Rs. 555 million in FY22 from Rs. 611 million in FY21, an organization spokesman mentioned, including that the annual outcomes for FY23 had been but to be launched.
Yulu’s bikes are made by Bajaj Auto, which exports autos to over 70 nations. The startup plans to piggyback on the trade veteran to enterprise overseas.
“The countries looking interesting are the ones where EV is there as a policy” corresponding to Thailand and Indonesia,” Gupta said.
© Thomson Reuters 2023
