Figure. 1 YULU Bikes

Mobility drives the economy forward. And shared electric mobility helps the ride be cleaner and inclusive. Yulu, the largest shared EV mobility player in the country saw a 2.5X growth post pandemic and witnessed emergence of several new use cases for shared mobility. Urban Mobility-as-a-Service (UMaaS), offers commuting choices that are inexpensive, accessible, and scalable, and is a fast-growing segment in the Indian mobility landscape, and hence needs to be viewed independently in policy-making.[1]

As India enters a new budget year, Government initiatives towards the EV industry need to be more inclusive and cover a wider spectrum of EV mobility solutions. One such growth engine is the shared and micro-mobility mobility sector, which runs on Low-Speed Electric Vehicles (LSEVs).

Here is an urgent need to include LSEVs in the FAME scheme to ensure their affordability improves. Affordability enables access & adoption. LSEVs provide an entry point into electric mobility

Production-linked incentives boost the speed and scale of localization and innovation. It is needed that the PLI criteria be relaxed to speed up localisation of production as well as encourage more players to make bolder bets in scaling up EV production. Accessible PLI and R&D sops will eventually bring down the cost of production, improve profitability and reduce the systemic risk that exists due to over reliance on imports.[2]

Another area of priority is to build a thriving ecosystem that could speed up India’s EV adoption journey, by broadening access to wider customer segments.

Battery, which is at the heart of EV success, is currently taxed at 18% GST. It also signals a lack of recognition of the battery’s role in the over EV ecosystem. We are optimistic that the GST on batteries will be brought down to 5%, along with some sops for battery production as well. Thriving battery production can fire up the EV ecosystem and also be a strategic advantage for the nation.

Having dedicated cycling lanes and non-motorised lanes (NMT’s) in urban cities, and supporting shared EV players by providing them with parking spaces, and permissions to be docked near public transport systems are some steps that will further encourage adoption.

Building EV businesses require investments. We hope EV Mobility is recognised as a priority sector, which will improve affordable access to capital & help bring scalable solutions to the market.

This budget brings a policy that allows monetization of GST locked into the Balance sheet which will help link tax payments to revenue cash flows and enable healthier operating finances.

We hope that this budget brings out the best across all categories and customer segments for EVs, as we make India green and sustainable, and user in a new EV age in the country. [2]

You will be able to own Yulu bikes by next year. Yulu is currently toying with the idea of adding more revenue streams to their existing business model.

The company is currently in talks with investors to close a $100 million funding round, which will be a mix of equity and debt. The company plans to expand its presence to 10 Tier 1 and metro cities, and add 100,000 Yulu Bikes to its fleet by next year.

If you have lived in Delhi, Mumbai or Bengaluru, you may have noticed people riding around in tiny blue bikes across the city. Well, that’s Yulu and you will be able to own these by next year. Till now, you could take it for a ride on rent.[3]

The company plans to sell a more upgraded version of the existing bikes — Yulu Dex and Yulu Miracle — for both personal and last-mile mobility with a fourth-generation battery built on the platform developed by Bajaj Auto, an investor in the company. All new vehicles — Yulu Express and another product for personal use — will be designed and manufactured by Bajaj and will be 100% made in India, Gupta claimed. [3]

References:

1. https://www.yulu.bike/blogposts/budget-2022-charging-up-the-shared-ev-industry/
2. https://www.financialexpress.com/express-mobility/budget-2022-charging-up-the-shared-ev-industry/2421068/
3. https://vnexplorer.net/interview-you-will-be-able-to-own-yulu-bikes-by-next-year-ec20225665790.html

Cite this article:

Sri Vasagi K (2022), Yulu bikes shared about EV Mobility sector, Anatechmaz, pp. 189