Yulu Bikes saw its losses increase to Rs 95 crore in FY23, primarily due to higher operational expenses, notably related to battery charging. In the previous fiscal year that ended on March 31, 2022, the startup had recorded a standalone loss of Rs 55.5 crore.
Despite the widening loss, Yulu’s revenue grew by 40% to reach Rs 42.8 crore in FY23, driven by increased rentals of its electric bikes, interest income from fixed deposits and mutual fund investments, as well as the sale of scrap. Notably, the company’s expenses, especially in the area of battery charging, surged significantly, reaching Rs 134.4 crore in FY23, up from Rs 87.3 crore.
Yulu aims to achieve profitability in the current fiscal year (FY2024), with a focus on operational profitability by September, although there is no public confirmation of whether this target has been met. The company has been rapidly expanding its presence across India, including partnerships for hyperlocal deliveries. Recently, it joined forces with Zepto to deploy 20,000 next-generation electric vehicles for eco-friendly deliveries in major cities like Bengaluru, Mumbai, Delhi, and Gurugram. Beyond the top 20 metro cities, Yulu plans to collaborate with local entrepreneurs to extend its reach to Tier II and III cities, as stated by the startup’s CEO and Founder, Amit Gupta.
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In the previous year, Yulu secured $82 million in a Series B funding round led by mobility-tech firm Magna International. The company also partnered with Magna to establish a nationwide battery charging and swapping infrastructure, serving not only Yulu Bikes but also vehicles from other manufacturers. Yulu, headquartered in Bengaluru, has set its sights on launching its initial public offering in FY26, according to news reports.