Mobility startup’s businesses have bounced back in the ongoing fiscal (FY22) after a severe disruption in their operations during the last fiscal (FY21). Companies such as Rapido, Ola and BluSmart, Chalo and Zoomcar had raised fundings in FY22.
On the lines of these companies, Bengaluru-based Yulu is yet to raise a large equity round in FY22, but the company has just scored $7 million in a debt round. Yulu has passed a special resolution to borrow the aforementioned sum from Magna International INC through non-convertible debentures (NCDs), regulatory filings with RoC show.
Yulu offers last-mile connectivity through its electric bike and network of EV charging and battery swapping network. According to a Mint report, it’s developing the Yulu Max Network which would help users swap their batteries.
