Very few companies think about sustainability and bettering the environment. Yulu is one such Indian startup that aims of making all the cities in India pollution-free. Shared and Sustainable is the future of urban mobility and Yulu makes it accessible, available and affordable as well. The company wants to target working professionals, college-goers and millennials in Tier – I and Tier-II cities. Yulu has become a huge hit in urban cities as it is solving the most hectic problem for every individual. So let us get into this article to read the success story of this company that makes travelling easy and eco-friendly.
Yulu – Key Highlights
- Company Name – Yulu
- Founders – Amit Gupta, RK Mishra, Naveen Dhachuri, Hemant Gupta
- Founding Year – August 2017
- Headquarters – Bangalore, Karnataka, India
- Parent Organization – Yulu Bikes Pvt. Ltd.
- Valuation - $83 Million
- Website – www.yulu.bike
Yulu – Founders and Team
The founders and team of the company are as follows:
- Amit Gupta – Co-founder & CEO
- Naveen Dachuri – Co-founder & CTO
- Hemant Gupta – Co-founder & COO
- RK Mishra – President of Ecosystem Partnerships
Yulu – Brand Name, Logo, and Tagline
- Brand Name – The brand name of the company originated from the Chinese language. It means Simple in that language. The brand name is best suited for the company as just like the name, it is convenient and simple to use for the customers.
- Logo – The company’s logo is in the shape of the handle of a bike. The logo is in attractive light blue colour that makes it even more eye-catchy and unforgettable.
- Tagline – The company’s tagline is – Pedal the Change.
Yulu – Revenue Model
The revenue model of the company is a pay-per-use model. First-time users that register on the app by paying a security deposit of INR 250 (which is refundable).
Yulu is available at very affordable prices. It just costs Rs 10 to start and then Rs 10 for every next 10 minutes. The Move users have to Rs 10 for the first 30 minutes and Rs 5 for the next 30 minutes.
Users can also pause their trip anywhere they want to and they can also keep the vehicle overnight by just paying some additional charges.
Yulu – Funding and Investors
Yulu has raised total funding of $25.9 M in the 4 rounds of funding. The details of the all the funding and investors of the company are as follows:
- $7 M – Debt Financing, Magna International, Dec 9, 2021
- $3.9 M – Rocketship, June 2020
- $8 M – Series A Round, Bajaj Auto, Nov 26, 2019
- $7 M – Seed Round, Blume Ventures, 3one4 Capital, Binny Bansal, Wavemaker Partners, Naveen Tiwary, Mar 1, 2018
Yulu – Growth
Yulu has seen tremendous growth in the past few years. Some of the major growth factors of the company are as follows:
- Yulu has more than 5000 e-bikes or bicycles and 10,000 bikes in India.
- The company has more than 1.5 million registered users on the platform.
- They are currently functioning in cities like New Delhi, Bhubaneshwar, Bengaluru, Mumbai, Greater Noida, and Pune.
- Yulu has a total operating revenue of more than INR 9.5 crores in FY 2020 and around 90 lakhs in FY 2019.
- The company claims of having around 30,000 to 35,000 rides per day. Around 40% of the total rides come from electric scooters.
- Yulu has also partnered with another huge company – Uber. The collaboration aims in making the whole urban commute eco-friendly, cheap, and efficient.
Yulu – Revenue
Yulu already made more than INR 10 crore of revenue in FY 2021. Their revenue for the past two years, ie., FY 2020 and FY 2019 has been INR 9.5 crores and INR 90 lakhs respectively.
Yulu – Awards
Yulu has won several awards for its amazing work in this industry. Some of the major awards won by the company are as follows:
- Emerging Startup of the Year – By Entrepreneur India
- Most Innovative Startup – By Inc42
- Coolest Startup of the Year – By Business Today
- Great Learning Data Science Awards – By Cypher, 2019 (For AI Implementation in Mobility)
Yulu – Challenges Faced
Everet company has its journey and each one of them has various challenges in its entrepreneurial journey. Yulu also had to face various challenges on their path. They also believe, that with the proper help from the government and private organizations, the company will be able to function better. and some of the major difficulties faced by the company are as follows:
- Changing Mindest – Changing the mindset of the people is one of the major challenges for the company. It has been an issue from the beginning. A lot of people are not comfortable making the switch from a petrol/ diesel vehicle to an electric vehicle. Once they understand that it is not just a compulsion, it has become a need for us to make this switch. Then the journey and growth of the company will become quite smooth.
- Partnership – Yulu is still looking for effective partnerships with various private as well as government organizations. Because together we can make a change. Effective partnerships will help in protecting the environment as well.
- Competitors – This is a given challenge in all industries. Yulu also has various competitors in the market and some of them are performing well on several levels. Yulu has to really up their game to fight against those odds.
Yulu – Future Plans
Yulu has just entered the market and their demand is unmatchable. The company has many exciting plans for the upcoming future. Some of the major plans of Yulu are as follows:
- Yulu will focus on attracting more riders per day and increase that number to above 50,000 by the end of FY 2023.
- The company will increase its number of bicycles/ e-bikes and bikes in the cities to make them more accessible to customers.
- They are also planning to hire more employees in the coming months as the company is growing at a fast pace.
- The company wants to become India’s most known micro-mobility player.
- Yulu is also working on increasing the number of registered users on its platform. They would want to increase the number to 2 million by the end of FY 2023.
- They will run their service in all the Tier-I cities and start operating in Tier-II cities as well, to cater to more customers and to reach out to more people.
- The company is also focusing on increasing its revenue and it would want to double the amount by the end of FY 2024.
- Yulu is also looking forward to partnering with more MNCs. This will help in the instant growth of the business and they will be known by more people as well.
- They will soon launch their service outside the country by making strategic collaborations.