Startup Yulu has scored the debt of $7 Mn

Mobility startup’s businesses have skiped back in the ongoing fiscal (FY22) after a serious interruption in their operations during the last fiscal (FY21). Companies like Rapido, Ola and BluSmart, Chalo and Zoomcar had raised fundings in FY22.

On the lines of these companies, Bengaluru-based Yulu is yet to raise a large value round in FY22, however the company has recently scored $7 million in a debt round. Yulu has passed a special goal to get the aforementioned total from Magna International INC through non-convertible debentures (NCDs), regulatory filings with RoC show.

Yulu offers last-mile availability through its electric bicycle and organization of EV charging and battery swapping network. According to a Mint report, it’s developing the Yulu Max Network which would assist users with swapping their batteries.

It aims to have 500 Max stations across Bengaluru, Mumbai and Delhi NCR districts by July. The company has been eyeing to raise $40 million in value capital yet it’s yet to materialize.