E-rickshaws to lead the electric vehicle revolution in India.
Bajaj Auto Ltd is going to now invest in the cycle sharing platform based out of Bengaluru named Yulu. Bajaj is the 2nd biggest manufacturer of motorcycles in India. This platform offers bicycles and electric cycles for connectivity to the last mile.
This is coming in the wake of mobility landscape changing in India. The interest from Bajaj Auto has coincided with the interest of Uber in this sector. Also, Bajaj Auto has Rajiv Bajaj at the top in this firm.
The companies have together issued a statement. Further the statement says that Bajaj is going to invest about $8 million in the bike sharing company Yulu. The reason, complimenting the relationship between both the companies.
Additionally, Yulu is going to source from the electric two wheelers of Bajaj. These EVs have been manufactured and co-designed for micro mobility sharing. Also, Bajaj is considering facilitation of vehicle financing requirements that Yulu has for the deployment of large scale electric vehicles.
The start-up is engaged in urban mobility. It has Amit Gupta and RK Misra as their co-founders. Furthermore, it has gained traction from investors and capitalists.
A lot of Indian cities like Bengaluru, Mumbai, Bhuvneshwar, Delhi and Pune launched this service. For congestion reduction and control of pollution, the shared micro-mobility can come in handy in future, says Bajaj; and this is what will drive this segment.
This along with the rapid transport like Metro will help larger cities boost the demand for Yulu. This is because it provides last mile connectivity in a flexible manner.
This was the primary reason why they took this decision of partnering with Yulu. Rajiv Bajaj mentioned this in his statement.