Yulu launches two new electric two-wheelers.

Yulu, a player in shared electric mobility space in which Bajaj Auto has a stake, unveiled the Miracle GR and DeX GR 3.0 recently. Yulu said it would deploy 50,000 vehicles by the end of 2023.

Currently, the company is present in Bengaluru, Delhi, and Mumbai, but will soon expand to some of the other top 10 cities and international market, according to Amit Gupta, co-founder, and CEO, Yulu.

It plans to deploy around 8,000 vehicles in a month, and the new model will be inducted starting with Bengaluru, in the next two weeks. In April, these will be rolled out in Delhi and Mumbai. Currently, Yulu’s fleet size is close to 15,000 vehicles.

The new model can carry up to 30–35 kg, excluding the weight of the rider, and offers a range of 50–60 km under actual road conditions. Gupta said there will be no change in rental pricing. .

The last-mile logistics segment is getting bigger; in fact, there are about 10 million people involved in the segment, which is an immediate opportunity, the CEO said. “In addition, the business-to-business segment has high demand and an opportunity that is being discussed.”

Yulu, which had previously spoken about its plans to deploy 1 million vehicles in the next three to four years, said that it will raise debt funding for the same. “To scale up our fleet, we would be looking to raise close to $500 million through debt financing,” said Gupta. It had raised debt from DFC financing previously. The company expects to be EBITA positive by the end of CY 2023.

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