Yulu signs an MoU with Government of Karnataka to invest ₹ 1200 crores

The investment will accelerate EV adoption in the State & reduce the carbon footprint.

Mr R K Misra, Co-Founder, Yulu with Honourable Chief Minister of Karnataka Shri Basavaraj Bommai, Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman, and other prominent dignitaries at the Invest Karnataka Global Investors Meet in Bengaluru

Yulu, India’s market leader in shared electric 2 wheeler Mobility-as-a-Service (MaaS) and Battery-as-a-Service (BaaS) businesses, today entered a Memorandum of Understanding (MoU) with the Government of Karnataka re-affirming its commitment to the electric mobility ambition of the State. The MoU was signed by Mr R K Misra, Co-Founder, Yulu, in the presence of the Honorable Chief Minister of Karnataka Shri Basavaraj Bommai, Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman, other Union Cabinet Ministers, State Government officials and other prominent dignitaries at the Invest Karnataka Global Investors Meet in Bengaluru.

As part of the MoU, Yulu in line with its business expansion for exponential growth, will invest ₹ 1200 crores to deploy a fleet of 1 Lakh EVs and operationalize the largest EV battery charging and swapping infrastructure in the State over the next 5 years. In addition to creating a practical & affordable shared solution for urban mobility at scale, the MoU also covers investments made in product innovation, new technology and sustainable operations. Yulu will create about 7000 direct jobs across its value chain activities. Additionally, Yulu will leverage its R&D and research expertise to design, develop & manufacture IoTs and EV charging equipment.

Mr R K Misra, Co-Founder, Yulu said, “Karnataka is one of the most progressive & action-oriented states of the country in embracing an EV future. As a leading Electric Mobility player and an active industry participant, Yulu has worked closely with policy makers & government departments to help formulate policies that foster a vibrant EV ecosystem. This MoU is a step forward in that partnership and also cements Karnataka’s position as a preferred investment destination for electric vehicle manufacturing, R&D, and deployment hub in India. We are committed to redefine urban mobility by reducing congestion & pollution, and a thriving Government-Industry partnership will play a foundational role in achieving this vision.”

As a market leader in the first & last mile mobility, Yulu has built successful partnerships in Karnataka with Bengaluru Metro (BMRCL), and city authorities in Bengaluru (BBMP/DULT), for both parking and charging infrastructure. Yulu zones are present in the vicinity of key BMRCL Metro Stations and BMTC bus stops, in addition to 1000+ locations in the city. With over 70 charging & swapping stations Yulu already has a sizable presence in the Battery-as-a-Service business and continues to expand at a rapid pace.