Yulu gets a loan confirmation of USD 9 million from US International Finance Corporation

Yulu, India’s shared electric Mobility-as-a-Service (MaaS) player, received a loan confirmation of $9 Mn (Rs 73 Cr) by the U.S. International Development Finance Corporation (FC), the United States government’s Development Financial Institution (DFI), focused on advancing economic growth in emerging markets across the world. U.S. International Development Finance Corporation (DFC) proposed the investment in Yulu through its new e-Mobility financing team, as a part of the institution’s focus on financing clean and zero emissions transportation solutions in India.

In this transaction, Yulu has signed a commitment letter with FC for a $9 million loan, and the funds will further bolster Yulu’s momentum towards its vision of enabling green last-mile mobility for people movement and goods deliveries.

Anuj Tewari, Chief Financial Officer, Yulu (Bikes Pt Ltd) said, “As the market leader in electric mobility, Yulu has served first & last mile mobility needs of millions of users. Yulu fulfills 6 of United Nations Sustainable Development Goals, and has successfully built a clean mobility business in India based on positive unit economics. This financing from a forward-looking institution as the DFC speaks about their belief in Yulu’s vision and the ability to execute at scale, to not just create a green mobility alternative but also to create livelihoods through direct and indirect employment opportunities. We are quite thrilled.”

Yulu has enabled tens of thousands of delivery executives to join the workforce and increase their net earnings by providing an efficient, sustainable and affordable mobility solution. 75 million+ green deliveries have been made using Yulu EVs till date, and the company has helped save 15000 metric tons of CO2 emissions. The company has also created a dedicated social and development program for delivery executives called “Safe Rider”, in conjunction with city and traffic authorities. The initiative educates delivery executives on road safety awareness, and has successfully trained delivery executives of many leading delivery companies in Bengaluru and Delhi, said a company statement.

Recently, Yulu also announced the infusion of $82 million (INR 653 Cr) in a Series B funding round, led by US-based mobility technology company Magna International Inc. to increase its EV fleet to more than 1 Lakh Electric 2-Wheelers along with 500+ battery charging and swapping stations in the next 12 months.

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