It is common for startups to boom after witnessing fluctuations in the industry. Most of these startups need a push to perform their best in the market. It is not uncommon for these startups to boom after they start seeing profits in their business.
Yulu is an Indian startup and a technology-driven mobility initiative working excellently in the metro cities in the country. The latest news about this startup is that it is undergoing a rapid expansion. We shall discuss in this write-up about its expansion in the market.
The Journey of Yulu in India
Yulu began in 2017 as a technology-driven startup aiming to enhance mobility in metro cities. This startup aimed to interrelate the mobility of public and private vehicles in India. The headquarters are present in Bangalore, India.
The cities of its operation are Bangalore (parent city), Mumbai, Delhi, Gurugram, Bhubaneswar, and Pune. It has more than eighteen thousand single-seater vehicles with over 2.5 million users. It raised a fund of 19.9 million dollars in February 2021.
The primary industry of this startup is consumer services. Its foundation’s credit goes to Amit Gupta, Hemant Gupta, Naveen Dachuri, and R K Mishra. It has more than 400 active employees. Modern technologies such as machine learning, AI, and demand and supply cycle management are being used.
These points prove that this startup aims to grow the e-bikes industry shortly and the upcoming future of electric vehicles and similar innovations.
Yulu’s growth during and after the COVID-19 pandemic
Everybody knows about the COVID-19 pandemic and its impact on the market. Any industrial startup suffered huge losses. Yulu was one of the startups that saw growth. It was a great sign of development when the founders of this startup decided to enhance the number of vehicles to 80,000.
This new announcement relieved its users as they needed a boost in the services. The service of ‘last mile goods delivery’ in the fields such as food delivery firms, e-commerce firms, and many others has raised its need in the market.
It has been confirmed by the company’s end that they saw a growth in revenue, fleet size, and sales as the covid pandemic ended. The growth in the profit margin was thrice the initial one. The company’s revenue growth was 2.5 times more than the initial one.
The current number of vehicles in Yulu is 10, 000 vehicles in three cities. This number will see an expansion slowly, as per the words of Amit Gupta, the founder, and CEO of Yulu. Other company officials have supported the words of the founder and CEO.
Yulu’s expansion in India and recognition
This startup will enhance its presence in the country. This expansion is about the facts listed in this write-up. The credit for expansion goes to the havoc during the pandemic.
This company will expand its number of vehicles to 70000-80000 vehicles. This achievement would grow the revenue of this startup by nine to ten times. The base of this startup is a hub of white-collar workers included here.
They have a compelling feature in today’s world. Their cost of running is 24% less than that of their counterparts who use petrol to run. The workers in this company can achieve a target of 20 deliveries in a distance of 70- 80 km. The rate of their rise is Rs. 10 per km.
This distance raises fuel costs when users use petrol at the place of their fuel. They have ensured some features in their startup.
- Their target covers people who can’t afford to have their vehicles or doesn’t require one. This step relieves people who cannot buy vehicles but need them daily.
- They would introduce the feature of scanning the QR code available on their application. The application’s users would then be able to locate the location of their e-bikes.
- Their mission of introducing emission-free electric vehicles is moving the transportation sector far ahead. It is a part of the ‘Make in India’ initiative introduced by the PM of India.
- This startup got an investment of 8 million dollars in November 2019. This investment was a push start to provide fuel-saving and modern technology-compatible services in India.
These points are not all to denote their significance. There is a lot that they have achieved and will do for the country. They have also won many prestigious awards and honors in the previous years due to their extraordinary role in modern mobility initiatives. Some of the awards they have achieved are:
- They won the award of ‘Most Innovative Startup’ in 2018.
- They were awarded ‘ The Startup of the Year in 2019.
- ‘Emerging startup of the year’ in 2019 by Entrepreneur India.
- Business World awarded them the ‘Most Disruptive Startup’ in 2020.
- In 2020, they received recognition from the ‘Aegis Graham Bell Awards.’
- NASSCOM 50 awarded them the NASSCOM 50 award in 2020.
These are some recognitions that this startup got in line with due to their performance. It happened as they combined mobility with sustainability and environmental factors. They have ensured they meet the goals of making in India and keeping up with the mobility needs of the modern life of the metro city.
Startups start witnessing massive growth once they can enter the market. This step leads to achievement. They can gain high profits and other positive responses. Yulu- a reputed technical mobility startup, is gaining a high percentage of profits in today’s busy lives of metro cities.
It is good news for India as one of its technical startups is going so far. Not only is its expansion growing the reputation of Indian technology, but also it is helping in boosting the technology. Therefore, India can evolve as a technology startup hub in the future.