YULU, INDIA’S LARGEST SHARED ELECTRIC MOBILITY COMPANY, BECOMES EBITDA-POSITIVE; CROSSES ARR OF US$30MN

Newsmantra — Tue, 08 Oct 2024 05:58:17 +0000

Yulu will more than double its on-ground presence to 100,000 EVs by 2025
To power this growth, the company will raise US$100 million in Series C funding over the next 12 months

New Delhi, 7 October 2024: Yulu has become India’s largest EBITDA (earnings before interest, taxes, depreciation and amortisation) profitable shared electric mobility company and has crossed an Annual Recurring Revenue (ARR) of US$30 million. This milestone has been achieved through Yulu’s strong product-market fit, the surging demand for quick commerce and food delivery services, and policy tailwinds.

With over 40,000 EVs, Yulu’s revenues and users have increased more than seven-fold (7X) over the last 24 months. Armed with a scalable growth engine powered by its AI-enabled full-stack EV platform, and supported by Yuma Energy – one of India’s largest battery-swapping networks – Yulu has been instrumental in fueling the hypergrowth of quick commerce. As an integral part of the delivery ecosystem, Yulu has significantly contributed to Sustainable Development Goals by enabling green deliveries to millions of consumers across 11 cities in India.

Amit Gupta, Co-founder and CEO of Yulu, says, “Yulu is delighted to achieve the EBITDA-positive milestone. As the country’s largest shared electric mobility player, Yulu is a critical enabler for the instant delivery revolution. The simplicity and ease of our platform allow gig workers without vehicles to join the delivery workforce, while also addressing the crucial supply gap in the quick commerce value chain. With its best-in-industry technology stack and reliable and purpose-built EVs by Bajaj Auto, Yulu stands out with a unique advantage and unmatched scalability. We’re excited about the future and look forward to seizing the vast opportunities in instant and hyperlocal deliveries.”

Yulu is now doubling down on its plan to deploy 100,000 EVs by 2025. To finance this expansion, the company will raise US$100 million in Series C debt and equity funding over the next 12 months.

As a mobility platform with the largest shared fleet of electric two-wheelers, Yulu has become the vehicle of choice for users. Delivery riders favour Yulu since it unlocks 30-40% higher savings over ICE vehicles. To date, the company has enabled better livelihoods for over 150,000 riders – including women – and their families.

The value proposition of Yulu’s purpose-built EV platform also lowers delivery companies’ logistics and manpower costs and has enabled the company to build deep partnerships with food delivery and quick commerce businesses like Zomato, Zepto, Blinkit, Swiggy, and others.

Owing to these factors, in areas served by Yulu, the company has a nearly 100% coverage of dark stores. Yulu’s EVs comprise 35% (in some cases, up to 80%) of all vehicles at the store level. Its strong market presence enables Yulu to power over 20 million green deliveries every month.

Despite being in a capital-intensive industry, Yulu has always focused on positive unit economics. Towards this goal, Yulu has invested in continuous product improvement, and used data science, AI & machine learning for better monetisation and efficiency in operations. This has given Yulu a combination of hardware and technology that has unlocked tremendous efficiencies across its business and allowed it to scale without increasing its fixed costs.

Going ahead, Yulu as the industry leader in shared EV mobility will benefit from the surging popularity of quick commerce, a segment that’s forecast to grow ten-fold by 2030. Yulu will also benefit from Central and State-level policies to boost transport electrification and e-commerce. This includes the ONDC initiative, which will unlock additional earning opportunities for Yulu riders.

Earlier this year, the company rolled out the Yulu Business Partner (YBP) initiative, a franchise channel that has seen Yulu’s shared leisure and goods mobility services rolling out in non-metro cities like Indore, Kochi, Tirunelveli and Pondicherry.

Yulu also plans to cater to more use cases within mobility by launching a mid-speed electric two-wheeler, which will be unveiled before the year-end. With a top-speed of 45 kmph, the EV will cater to additional use cases like bike taxis, e-commerce deliveries, long-distance food orders, and courier services, besides higher-payload goods deliveries.

The post YULU, INDIA’S LARGEST SHARED ELECTRIC MOBILITY COMPANY, BECOMES EBITDA-POSITIVE; CROSSES ARR OF US$30MN appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.

BharatPe turns EBITDA positive: Clocks October 2023 as the first profitable month

Newsmantra — Tue, 28 Nov 2023 11:19:57 +0000

Annualized revenue crosses Rs. 1,500 Cr
Facilitated over Rs. 640 crores of loans to its merchants in October on its platform; 36% increase on a Y-o-Y basis

Mumbai, November 28, 2023: BharatPe, one of India’s leading players in the fintech sector, today announced that it has turned EBITDA positive in October 2023. Additionally, it shared that its annualized revenue has surged past Rs. 1,500 Cr, a growth of 31% from FY23. This financial milestone is attributed to consistent growth across all its business lines. The company has also significantly cut down its EBITDA burn—which was averaging at Rs. 60 Cr per month in FY23—to attain EBITDA positivity. This significant milestone in conjunction with strong growth is a testament to the efforts of the team, enabled by strategic guidance from the Board. The company will continue taking strides toward being a market leading financial services platform for the 50 million small businesses across India.

The company has experienced consistent growth in its lending vertical over the past several months. In October, it facilitated loans exceeding Rs. 640 crores for its merchants in partnership with its NBFC partners, demonstrating a spike of 36% Y-o-Y. BharatPe has facilitated loans totaling over Rs. 12,400 crores since its foray into this segment in late 2019. Additionally, it recorded growth across verticals – including its payment products. The company also saw remarkable growth in the number and amount of transactions done on its soundbox devices. BharatPe, in October, also recorded a monthly TPV of over Rs. 14,000 crores across its diverse range of payment products.

Speaking on the milestone, Nalin Negi, CFO and Interim CEO, BharatPe, said, “BharatPe was started with the vision of empowering millions of offline merchants and MSMEs across the country, with best-in-class fintech products. This milestone reflects the trust bestowed upon us by our vast network of over 1.3 crores merchant partners. October was a great month for us- we achieved significant growth with loans facilitated on our platform. Also, our digital payments verticals grew considerably, boasting a monthly transaction count exceeding 37 crores. We will continue to cater to the needs of our merchant partners as well as customers and our strategic focus will be to ensure sustained profitability across our business lines. In the coming months, we’ll focus on scaling our lending, POS, and soundbox businesses. We will also focus on launching new products tailored for our merchant partners while concentrating on the development of our consumer and NBFC businesses.”

Added Nalin, “This achievement is a testament to the dedication and hard work of our team. I would like to congratulate each and every team member of BharatPe for achieving this milestone. Moving forward, we continue to stay committed to build a sustainable business with growth across business lines. We will continue to focus on driving financial inclusion across Bharat, empowering more offline merchant businesses. Our goal is to establish BharatPe as one of the largest merchant-first fintech companies in the country.”

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YULU, INDIA’S LARGEST SHARED ELECTRIC MOBILITY COMPANY, BECOMES EBITDA-POSITIVE; CROSSES ARR OF US$30MN

BharatPe turns EBITDA positive: Clocks October 2023 as the first profitable month