Yulu Bikes, a electric mobility startup, may apply for an initial public offering (IPO) in FY26, according to its CEO, who believes small-format, battery-powered cars will generate enough investor interest in the coming years.
The Bengaluru-based firm, which has a strategic alliance with Bajaj Auto, predicts an increase in demand for such tech-brd vehicles due to increased road congestion and the government's commitment to sustainable transportation.
Meanwhile, the Amit Gupta-founded company is aiming to raise both debt and stock to fund its operations in the short to medium term.
Yulu received USD 9 million from the US Development Finance Corporation to help fund its growth aspirations. Last September, the company secured a USD 82 million Series B funding round led by automotive components manufacturer Magna International.
The number of low-speed 'Miracle' motorcycles with an 80-kilometer range deployed in Mumbai has surged 11 times from 500 a year earlier. According to Gupta, Delhi and Bengaluru have shown comparable traction.
Chetak Technologies, a subsidiary of Bajaj Auto, develops and manufactures all Yulu models. Yulu is owned by a company based in Pune, which owns less than 20 per cent of the company. Wynn, Yulu's first personal electric two-wheeler, was unveiled last month with an introductory price of USD 55,555. Its third-generation drugs, Miracle GR and Dex GR, were released earlier this year.
Yulu plans to deploy 100,000 vehicles by the end of 2023-24, resulting in 1 million to 1.5 million monthly active users.