Yulu, the urban mobility provider announced on Monday that it has received a Rs.30 Crore investment from its existing investors, led by fledgling VC firm, Rocketship.
We're excited to have @rocketshipvc onboard as a new investor and a key partner in our mission to revolutionize daily commute through micro-mobility. Read more here: https://t.co/C2NopPN0vI#Yulu #Funding #VC #Rocketship #Revolutionize #Commute #Micromobility
— Yulu (@YuluBike) June 22, 2020
The outfit, based out of Silicon Valley prides itself on the use of data science to effectively identify, and invest in up and coming startups, and entrepreneurs on a global scale. Yulu states that the investment will be put toward further scaling up the company to provide pan-India services, while focusing on strengthening the platform and technology solution. Partner at the VC firm, Sailesh Ravikumar, and co-founder of LocBox, a startup later acquired by Square, commented on the investment, stating;
“Yulu is one of the most exciting and innovative companies in the micro-mobility space and we are happy to join and support the team. We believe that Yulu will revolutionise the daily commute of every Indian while having a significantly positive impact on the environment.”
As the country slowly enters its post-lockdown phase, Yulu hopes to capitalize in the re-emergence of commuters while addressing concerns regarding safety and hygiene. The platform hopes to see a surge in user as more people opt for single-occupant transport, over app-based cab services, which arguably pose larger health risks.
Yulu hopes the partnership with Rocketship.vc will aid its mission to pioneer the large scale adoption of EVs in India.