Magna worldwide, a Canadian mobility know-how agency that builds sensor-based mostly packages for automobiles like driver monitoring packages and superior driver assist packages (ADAS), is coming into the micromobility market. the agency invested $seventy seven million in Yulu, an Indian shared micromobility operator, and plans to collectively launch a battery swapping service agency.
Magna’s funding is an aspect of Yulu’s $eighty three million sequence B, by which Bajaj Auto additionally participated. collectively with the funding, Magna will maintain a seat on Yulu’s board of directors. Yulu’s latest spherical will assist the agency broaden to an extra 15 cities inside the following 18 months, and probably past India inside the tip, based mostly on Magna.
“Micromobility presents an unimaginable alternative for extra development for Magna, and becoming a member of forces with Yulu helps us broaden our enterprise into this quickly rising sector,” said Matteo Del Sorbo, Magna’s authorities vice chairman and worldwide lead for Magna new mobility, in an announcement.
Earlier this 12 months, Magna acquired the know-how, IP and belongings of Optimus journey, an autonomous shuttle agency, to extra beef up its ADAS choices.
the mannequin new battery swapping entity is at present registered as “Yulu vitality,” already employs 200 staffers and is headquartered in Bangalore, based mostly on Magna. The mobility tech large says it is going to be Yulu’s unique battery swapping companion and would possibly construct up the infrastructure required for “hundreds of 1000’s of swaps per week.”
Magna says it intends to leverage Yulu’s strong market place and community in India to develop Yulu vitality, which the agency describes as a Battery-as-a-Service (BaaS) agency. the agency says Yulu vitality will in all likelihood be very comparable to Taiwan’s Gogoro, which operates a rising battery swapping community that companies private consumers with their very personal electrical two-wheelers.
Yulu vitality goals to finally serve each shopper and fleet markets, however will start with supply fleets using Yulu’s MaaS operations, which embrace about 10,000 electrical two-wheelers all through Bangalore, Delhi and Mumbai, based mostly on a spokesperson.
“we will clearly see a important development alternative for Yulu in each the BaaS and [Mobility-as-a-Service] companies inside the following three to 4 years,” said Yulu’s co-founder and CEO Amit Gupta. “as a outcome of the market chief in electrical mobility, with a confirmed enterprise mannequin constructed on constructive unit economics, our focus now will in all likelihood be to establish a strong and agile current chain and scale-up our operations.”
this textual content material has been up thus far with extra knowledge from Magna.
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