Yulu to invest Rs 1,200 crore in Karnataka, deploy 100,000 EVs and create battery infrastructure
MaaS and BaaS provider inks MoU with state government at Invest Karnataka Global Investors Meet; to also set up a Centre of Excellence for designing and optimising cutting-edge vehicle designs, IoTs and EV charging equipment
Yulu, the shared electric two-wheeler Mobility-as-a-Service (MaaS) and Battery-as-a-Service (BaaS) business company, today entered into a Memorandum of Understanding (MoU) with the government of Karnataka at the Invest Karnataka Global Investors Meet in Bengaluru.
The MoU was signed by R K Misra, co-founder, Yulu, in the presence of the Chief Minister of Karnataka Basavaraj Bommai, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman, other Union Cabinet Ministers, State Government officials and other prominent dignitaries.
As part of the MoU, Yulu in line with its business expansion for exponential growth, will invest Rs 1,200 crore to deploy a fleet of 100,000 EVs and operationalise the largest EV battery charging and swapping infrastructure in the State over the next five years. Yulu will also create about 7000 direct jobs across its value chain activities. Additionally, Yulu will leverage its R&D and research expertise to design, develop and manufacture IoTs and EV charging equipment.
R K Misra, co-founder, Yulu said, “As a leading electric mobility player and an active industry participant, Yulu has worked closely with policy makers and government departments to help formulate policies that foster a vibrant EV ecosystem. This MoU is a step forward in that partnership and also cements Karnataka’s position as a preferred investment destination for electric vehicle manufacturing, R&D, and deployment hub in India. We are committed to redefine urban mobility by reducing congestion and pollution, and a thriving government-Industry partnership will play a foundational role in achieving this vision.”
As a market leader in the first- and last-mile mobility, Yulu has built successful partnerships in Karnataka with Bengaluru Metro (BMRCL), and city authorities in Bengaluru (BBMP/DULT), for both parking and charging infrastructure. Yulu zones are present in the vicinity of key BMRCL Metro Stations and BMTC bus stops, in addition to over 1,000 locations in the city. With over 70 charging and swapping stations, Yulu already has a sizable presence in the Battery-as-a-Service business and continues to expand at a rapid pace.
Set up in 2017, Yulu provides urban Mobility-as-a-Service (MaaS) in Bengaluru, Mumbai, and Delhi-NCR, and has successfully created India’s largest AI-powered Battery-as-a-Service (BaaS) platform, to provide practically unlimited range to its users. This network has completed over 3.5 million battery swaps till date and has enabled the accelerated adoption of electric mobility in India.
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