Yulu is a Bike rental company. It is a technology-driven mobility platform that produces electric scooters or cycles having two-wheelers with a single sheet. It is travel and transport, electric vehicles sector. The Yulu is a Chinese word that stands for “simple”. The legal name of this company is Yulu Bikes Pvt. Ltd.
Founder of Yulu Company
Yulu was founded by Amit Gupta, RK Mishra, Hemant Gupta, Naveen Dachuri on Aug 7, 2017. The headquarter of Yulu is located in Bengaluru, India. Amit Gupta is the CEO of the company. The company is classified as a non-governmental company and is registered at the registrar of companies, Bangalore.
This company was founded to solve traffic congestion and air pollution in India by providing human and battery-powered micro-light two-wheelers.
Yulu uses IoT, Cloud, and AI to create a vast network of shared sickness vehicles that can be rented easily by an app in the pay-per-use business model. Around 400 employees work in this company.
Funding & Investments
Yulu has raised a total of $19.9 M in funding over 4 rounds. Their latest funding was raised on Jun 22, 2020, from a Series-A Round by Rocketship. Several other investors also invested in the company, such as Bajaj Auto Finance, Wavemaker Partners, Blue Ventures, are among them.
Business Model
The Yulu company runs its business on a pay-per-use model. In this business, the model user needs to register on the app with a refundable security deposit.
The pay-per-use business model is when the customer is metered or charged for a specific product or service usage.
Yulu’s booking procedure
- Download the application from the Google play store.
- Open the app and generate the profile needed.
- Verify the payment features for making payment at a later stage.
- Detect and locate the closer you that is hiring.
- Proceed to the Yulu and scan the QR code present on the bike/bicycle.
- Start travelling to the place which you wish to go.
- Once you reach the spot, you can pay the amount displayed.
Yulu supports Paytm, Google pay, Phonepe, UPI, and credit and debit cards for payments.
Users have to pay a mandatory ₹10 for a Yulu miracle ride time (enjoy a miraculous ride!…). The Pause charge for 10 minutes is ₹5, and the security deposit is ₹500. Licenses and helmets are not required, and the app requires users to maintain a balance in a mobile wallet and deduct a security deposit.
Achievements and Awards :
The company has owned some awards, which are –
- Emerging startup of the year by entrepreneur India
- Coolest startup of the year by business today
- Most innovative startup by lnc42
- Cipher – great learning data science awards 2019 for AI implementation in mobility.
Vision and Mission
The vision of Yulu is to reduce traffic crowding by providing an efficient, affordable, scalable, and clean solution for the short-distance commute. Yulu’s mission is to make urban mobility in India seamless, shareable, and sustainable.
Future Plan
Yulu has targeted for the future is to expand Yulu service in the smart cities In India. The company’s vision is to be the largest micro-mobility player in India and increase its fleet size to 1 million vehicles by 2022.
The company is planning to explore its business and launch its service outside of India by forming strategic partnerships.
Conclusion
Yulu is a technology-based bike rental company that provides its services at a low cost. This company is eco-friendly because it allows for pollution-free services too. Nowadays, every country should focus on this type of innovation.
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