Yulu, an e-bike rental startup that is preparing for an initial public offering (IPO), is anticipating operational profitability by September. The CEO of Yulu stated that the company plans to expand its presence not only in India but also internationally. Currently operating in Bengaluru, Delhi, and Mumbai, Yulu aims to enter cities such as Hyderabad, Pune, Chennai, Kolkata, and Ahmedabad within the next 15 months. Additionally, the company intends to explore partnerships with local entrepreneurs in smaller markets like Varanasi, Agra, and Goa.
Amit Gupta, the CEO of Yulu, mentioned that the company is open to providing its technology platform to individuals who are interested in managing a small fleet in cities where Yulu does not have long-term plans to operate. This strategy aligns with the government’s push for shared transport electrification. Yulu’s partnerships with prominent delivery firms such as Zomato, Swiggy, and Zepto have enabled it to withstand competition from rivals like Zypp Electric and Ola Electric, which are backed by Gogoro and SoftBank, respectively.
According to Yulu, delivery executives contribute to 60 percent of the fleet utilization and revenue share. In FY23, over 50,000 delivery executives utilized Yulu’s services. Established in 2017 by Amit Gupta, RK Misra, and Naveen Dachuri, Yulu aims to expand its fleet four-fold to 100,000 vehicles by the end of the current fiscal year. Despite narrowing its annual losses from Rs. 611 million in FY21 to Rs. 555 million in FY22, Yulu is yet to release its annual results for FY23.
Yulu’s bikes are manufactured by Bajaj Auto, a renowned industry veteran that exports vehicles to more than 70 countries. Leveraging this partnership, Yulu intends to extend its operations internationally, focusing on countries where there is a significant Electric Vehicle (EV) policy, such as Thailand and Indonesia.
In other news, the article briefly mentions Apple’s upcoming annual developer conference, WWDC 2023. The podcast Orbital discusses various topics related to this event, including Apple’s first mixed reality headset and new software updates. The podcast is available on platforms such as Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, and Amazon Music.
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