Yulu Signs MoU With Government of Karnataka to Invest 1200 Cr to Deploy 1 Lakh EVs

The government of Karnataka and Bengaluru’s electric mobility startup Yulu have struck an agreement for the company to spend Rs. 1200 crore in the state. According to the agreement, over the next five years, Yulu will deploy a fleet of 1 lakh electric vehicles and operationalize the state’s largest EV battery charging and swapping infrastructure. The MoU also covers investments made in new technologies, sustainable business practices, and innovative product development.

According to Yulu, the value chain activities covered by this investment will result in the creation of around 7000 direct jobs. Additionally, Yulu will use its skills in research, development, and manufacturing to design, develop, and produce IoTs and EV charging equipment.

R K Misra, the Co-Founder of Yulu, signed the MoU during the Invest Karnataka Global Investors Meet in Bengaluru, in the presence of Basavaraj Bommai, the Chief Minister of Karnataka, Nirmala Sitharaman, other members of the Union Cabinet, representatives from the state government, and other dignitaries.

With its battery-operated electric two-wheelers, Yulu has been providing first and last-mile transportation solutions, according to the firm, which is guided by the ideals of affordability, accessibility, and availability. This MoU will advance the company’s goal of enabling shared transportation on a large scale.

With the Bengaluru Metro (BMRCL) and city authorities in Bengaluru, Yulu has already established fruitful collaborations in Karnataka for both parking and charging infrastructure. Currently, in addition to the city’s 1000+ locations, Yulu zones can be found close to important BMRCL Metro Stations and BMTC bus stops. Yulu already has a significant presence in the battery-as-a-service market with over 70 charging and swapping stations, and it is growing quickly.

Recently, Yulu secured $82 million in equity funding, which was led by USA’s Magna International in a Series B funding round. The funding round saw participation from investors, which also included Bajaj Auto Limited.