Yulu, a cycle-sharing platform, based out of Bengaluru, is holding talks to raise a Series A round ₹100 crore from Shunwei Capital, Xiaomi’s venture capital arm and ex-InMobi chief business officer Atul Stija, cited Livemint.
If the deal goes through, Yulu’s valuation may be pegged between ₹350 crore and ₹400 crore, said an anonymous source.
It initially started as a bicycle sharing platform for efficient and green first mile and last mile deliveries, as well as short commutes to reduce car-based congestion.
Yulu’s ongoing Series A round may exceed ₹100 crore if new investor Shunwei commits in the current round, said another of the persons mentioned above, who also asked not to be named.
Till date, Yulu has deployed around 1,800 electric vehicles across Bengaluru and Mumbai, apart from its mechanical bicycles that are available in Pune, Greater Mumbai, and Bhubaneswar.
Recently the company also started testing a pilot for leasing its Yulu Miracle electric scooter.