SUMMARY
- Yulu reported a 188% increase in its revenue from operations, reaching Rs 119.9 crore in FY24.
- The company also reported a 51% increase in its total losses in FY24 reaching Rs 142.8 crore.
- Yulu plans to double its network of electric vehicles on the ground to reach 100,000 by 2025.
On Tuesday, Bajaj Auto-backed electric bike and scooter sharing service Yulu, reported a 188% increase in its revenue from operations, reaching Rs 119.9 crore in FY24 from Rs 41.7 crore in FY23.
This growth was driven by increased sales of products as well as higher earnings from its electric vehicle rental and bike-sharing services.
In 2023, Yulu introduced its first electric personal two-wheeler model, the Wynn, marking a significant step forward. The company has also revealed its plans to launch a new line of mid-speed electric two-wheelers, with an expected completion date before the year’s end.
These vehicles are envisioned to serve a variety of purposes, including bike taxi services, e-commerce deliveries, and long-distance food delivery.
The company also reported a 51% increase in its total losses in FY24 reaching Rs 142.8 crore from Rs 94.9 crore in FY23. This surge in losses can be attributed to the increase in expenses during the same period. Yulu has pointed out that its user base has expanded by over sevenfold in the last 24 months.
Yulu plans to double its network of electric vehicles on the ground to reach 100,000 by 2025. At present, the company operates around 40,000 electric vehicles. Yulu has also taken advantage of the growing demand in the on-demand delivery sector, with the likes of Zepto and Blinkit boosting the demand for its two-wheelers by gig workers for delivery services.
The company claims to have 100% coverage across dark stores in the areas it operates. In an interview with CNBC TV18 this month, Yulu’s Co-Founder and CEO highlighted the company’s goal of achieving profitability after tax (PAT) positive status, stressing its importance for the company’s future plans, which include going public in the next two to three years.
The company is also seeking to raise $100 million in both Series C debt and equity funding over the next year to support its expansion efforts. As for its latest funding, $19.25 million from an equity investment last year by Magna and Bajaj Auto Limited, marking the continuation of its extended Series B funding round.
