India’s electric bike rental startup Yulu inks strategic partnership with Bajaj Auto, raises $8M

Yulu, a Bangalore-based electric bike sharing platform, which maintains a partnership with Uber said today it has won the backing of one of the country’s largest automaker firms.

The two-year-old startup said it has entered into a strategic partnership with Bajaj Auto, which has also funded Yulu’s $8 million Series A financing round. As part of the partnership, Bajaj will co-design and manufacture future generation of Yulu two-wheelers, Amit Gupta, cofounder and chief executive of Yulu, told TechCrunch in an interview.

The startup has raised about $18.5 million to date, he said.

More to follow…

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