Shared electric mobility startup Yulu has elevated chief financial officer (CFO) Anuj Tewari to the role of its newest cofounder.
With this, Tewari formally joins the existing three-member founding team at the startup comprising chief executive officer (CEO) Amit Gupta, chief technology officer (CTO) Naveen Dachuri, and president of ecosystem partnerships RK Misra.
Commenting on the announcement, Tewari said, “It is a great honour to become a part of Yulu’s founding team. I am humbled as I accept this responsibility and look forward to working with this unstoppable team…”
Amit Gupta, cofounder and CEO, said, “We could not have asked for a better, or more natural, choice than Anuj to join Yulu’s founding team. Over the last three years, his rich experience, uncanny insights, sheer commitment and ‘founder mentality’ have helped Yulu embark on a strong growth trajectory. His presence will be a huge asset as we pursue our ambitious growth targets. On behalf of all the co-founders and the entire Yulu team, I heartily congratulate Anuj on his new role.”
An alumni of Kanpur’s Chhatrapati Shahu Ji Maharaj University, Tewari has a masters degree in business and commerce and is also a chartered accountant. He has nearly two decades of experience under his belt and has had stints with companies such as Barclays Bank, Kipco Asset Management Company and logistics company Agility.
Since joining the electric mobility startup in 2020, Tewari has been instrumental in shaping Yulu’s growth strategy and has led fundraising negotiations for the startup. He also oversees the company’s finances and, as per Yulu, has been the one of the driving forces to put the startup on track to becoming EBITDA-positive by the end of the year.
The elevation comes at a time when the startup has been rapidly scaling up operations. Yulu said it plans to record a 7X-8X year-on-year (YoY) jump in revenue in the financial year 2023-24 (FY24).
It also plans to grow its fleet size by 4X over the course of the next year, and is eyeing a ‘significant share’ of the last mile mobility market in Bengaluru, Delhi, Gurugram, Mumbai and Navi Mumbai during the period.
Founded in 2017 by Gupta, Misra, Dachuri and Hemant Gupta, Yulu operates a fleet of electric two-wheelers that cater to daily commuters and last-mile delivery executives. The startup has so far raised $105 Mn in a mix of debt and equity across multiple rounds and is backed by names such as Bajaj Auto, Blume, Magna and Rocketship.vc.
Yulu’s net loss declined to INR 55.5 Cr in FY22 from INR 61.1 Cr in the previous fiscal year. Operating revenue more than doubled to INR 29 Cr from INR 13.6 Cr in FY21.
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