Yulu reports nearly 188% rise in FY24 revenue

Bajaj Auto-backed Yulu on Tuesday reported a 188% rise in revenue from operations to Rs 119.9 crore for the year ended March 31 compared to Rs 41.7 crore in the previous year.

The rise in revenue was from its sale of products as well as rising income from electric vehicles and bicycle renting services. In 2023, Yulu launched its first personal electric two-wheeler—the Wynn.

Earlier this month, the company said it is planning to launch its mid-speed electric two-wheeler, which will be unveiled before the end of the year. This category of vehicle can be used as bike taxis, for ecommerce deliveries, and for long-distance food orders, among other uses.

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However, the company reported a 51% rise in total losses for FY24. It reported a total loss for the period of Rs 142.8 crore compared to Rs 94.9 crore in FY23 bogged down by rising expenses during the period.

The company had disclosed that its users have increased more than seven-fold over the last 24 months.

Yulu also announced its plans to double its on-ground presence to 100,000 EVs by 2025. It currently operates over 40,000 electric vehicles.

The company has benefitted from the growth in the quick commerce segment with startups like Zepto and Blinkit driving demand for its two wheelers for gig workers to make deliveries. Yulu claims to have nearly 100% coverage of dark stores in areas it services.

In an interview with CNBC TV18 this month, Yulu’s Co-Founder and CEO said that the company is aiming to turn profit after tax (PAT) positive and added that it is a crucial milestone for the company before it pursues an initial public offering. The company is aiming to go public in the next two to three years.

The company is also looking to raise $100 million in Series C debt and equity funding over the next 12 months to fuel its expansion plans. It last raised $19.25 million in an equity round this year from Canadian auto-parts manufacturer Magna and Bajaj Auto Limited, as the continuation of its Series B round.