Yulu has found money and more paper plans

Why read this story?

Editor's note: Ever since the pandemic, Yulu, the Bengaluru-headquartered e-bike rental startup, has been missing from the electric mobility conversation. Last month it surprised everyone. The company said it has raised an $82 million funding round. Most of the money has come from Magna International, a Canadian auto parts maker. For decades, Magna has played a crucial role in supplying parts like seats and body and chassis systems to the traditional automotive industry. With its investment in Yulu, it wants to dabble in battery swapping and infrastructure management for the electric two-wheeler industry, a business that’s also a first for Magna. It wasn’t too long ago that Yulu and its signature low-speed, blue e-bikes were fast approaching the category of also-rans. For more than two years now, there’s been barely any investor interest in the shared mobility business. Yulu’s biggest rivals have either changed tack to survive (scooter rental startup Bounce became a manufacturer) or got acquired after a long struggle to raise fresh funds (scooter rental startup Vogo). Yulu itself didn’t raise any money for two years. The new fundraise then …