The CEO of Yulu Bikes predicts that small, battery-powered cars will generate enough investor interest over the coming years, and the business may decide to file for an initial public offering (IPO) in FY26, according to a media report from Economic Times (ET).
The Bengaluru-based startup, which has a strategic alliance with Bajaj Auto, believes that demand for such tech-based vehicles is growing as a result of rising traffic on the roads and the government’s commitment to clean mobility, according to the report.
The company founded by Amit Gupta intends to raise debt and equity in order to fund its activities. While interacting with the Economic Times, Amit Gupta, CEO of Yulu Bikes, said, “”Based on our projections – excluding the personal mobility business which we have recently got into–we are looking at achieving profitability in the current financial year.” He further added that if they continue this for more years then they will go to the capital markets in FY26.
To support its growth goals, Yulu recently obtained $9 million from US Development Finance Corporation. An $82 million Series B fundraising round was led by the auto parts manufacturer Magna International, and the company closed it in September of last year.
Reportedly, the Yulu ‘Miracle’ bike is in high demand in major cities like Mumbai because it operates on the idea of mobility as a service (personal users must pay ₹ 2/minute for rides). The amount of low-speed “Miracle” bikes—which have an 80 km range—currently in use in Mumbai has increased by an astounding 11 times from 500 until a year ago. According to Gupta, Bengaluru and Delhi have experienced growth that is comparable.
Reportedly, Yulu plans on deploying 100,000 vehicles by the end of 2023-24. The EV division of Bajaj Auto, Chetak Technologies, is responsible for designing and producing all Yulu models. Less than 20% of Yulu is owned by the company from Pune. Last month, Yulu unveiled Wynn, its first personal electric two-wheeler, at an introductory price of 55,555. Its third-generation medications, Miracle GR and Dex GR, were released earlier this year.
