Magna International Inc (MGA), a leading mobility technology company, said this week it had invested $77 million in Yulu, India’s largest electrified shared mobility provider.
As part of the deal, Magna will acquire a stake in Yulu and will have a seat on its board of directors.
Additionally, Magna and Yulu said they had founded a new battery swapping entity in an attempt to support the fast growth in electrification of mobility and required infrastructure.
The new Battery-as-a-Service entity will leverage Yulu’s strong market position and network in India along with its software expertise.
At present, the company has nearly 10,000 electric powered two-wheelers in service and operates in locations such as Bangalore, Mumbai and Delhi.
Magna brings considerable capabilities in design, engineering and manufacturing to the new entity, which is currently registered as “Yulu Energy”.
“This is an incredibly exciting time for Magna to contribute to a sustainable future in urban mobility through this investment in Yulu,” Matteo Del Sorbo, Executive Vice President, Magna International and Global Lead for Magna New Mobility, said in a press release.
“Micromobility presents a great opportunity for additional growth for Magna, and joining forces with Yulu helps us expand our business into this rapidly growing sector,” Del Sorbo added.