Plan to launch 1 million e-bikes for delivery companies in 3-4 years: Yulu CEO

Shared mobility services provider Yulu Bikes, which has a strategic partnership with Bajaj Auto to co-develop electric vehicles, is looking at bringing on road a million electric two-wheelers for last-mile operations over the next 3-4 years.

Yulu Bikes cofounder and CEO Amit Gupta said the company will introduce a range of products on its latest electric two-wheeler platform developed by Bajaj Auto, targeting commercial operators in the delivery and last-mile connectivity segments. "As we scale, we would need to make more investments. But most of the capital we will be raising to expand our operations will be through debt. We want to have one million bikers in the next 3-4 years. For that we would need to raise about $500 million. But we do not want to lose equity any further," Gupta said at an event in Bengaluru to unveil the company's third-generation products - Miracle GR and Dex GR - developed by Bajaj Auto.

Yulu is targeting deploying 100,000 vehicles by the end of 2023. Around half of these will be the third-generation vehicles on the new platform.

Bajaj Auto chief business development officer S Ravikumar said Yulu is a "critical part" of the growth strategy in the electric vehicle segment for the Pune-based company. It is exploring opportunities to leverage its network of global distributors to export these products.