• Bajaj is planning an electric mobility service startup called Yulu.
• Bajaj invested for the first time in a startup by buying stakes for the bike sharing startup of worth $8 million.
• The CEO and Co-founder of Yulu Mr. Amit Gupta hopes to have about 1 lakh e-scooter by the end of 2020 in its inventory which cost ₹ 400 crore approx.
Electric vehicles are gaining popularity day by day in India, the time is not too far when we see electric vehicles on road with everyone. Assuming the future, it seems that Bajaj has taken a step forward to introduce electric scooter to almost every Indian as possible. Bajaj is working on a plan to for the electric mobility service startup called Yulu, and for that they are working on a more affordable, single seater, low power electric scooter.
The electric scooter provided in Yulu is powered by a 48V electric motor which go upto 60 km in a single charge at ahigh speed of 25 kmph. Recent reports suggest that Yulu will charge ₹10 per hour and the rider doesn’t need to have proper driving license. The Co-founder and CEO of Yulu Mr. Amit Gupta states that e-scooter provided by Bajaj will be more attractive in looks than the current Yulu bikes moreover it will be easy to use and maintain. It is the first time that Bajaj has invested in a startup by buying the stakes in last November in bike sharing startup which is worth $ 8 million.
The bikes will be manufactured from China and will be assembled in India, by the next year Bajaj wants to launch electric scooter for Yulu ranging from ₹30,000 to ₹35,000. For now, Yulu has only 4000 e-scooters and they are targeting four to five cities as a startup, Mr. Gupta hopes to have about 1 lakh e-scooters by Bajaj in its inventory by the end of 2020 which would cost about ₹400 crore approx. With the increasing electric vehicle demand in India it is a quite valid idea to invest, it is a matter of time we will know about the success of this startup.