The automotive tech startup Yulu witnessed a 2.6x revenue increase in FY24, crossing the triple-figure mark to Rs 122.79 crore from Rs 46.58 crore in FY23.
Bengaluru based, Yulu is a technology-driven mobility platform transforming urban mobility in India with seamless, shareable, and sustainable solutions. Utilizing Micro Mobility Vehicles (MMVs) via a user-friendly app, Yulu ensures efficient first and last-mile connectivity. Focused on accessibility, availability, and affordability, Yulu empowers eco-friendly commutes while addressing congestion and pollution challenges.
Yulu Bikes has raised a total of Rs 1,117.70 crore in funding over 11 rounds, with the latest round raised in February 2024. The co-founders Amit Gupta, Hemant Gupta, RK Misra and Naveen Dachuri hold 14.66%, 7.33%, 7.33% and 7.33% stakes, respectively, while Jo Hirao holds a 6.97% stake in the company.
Yulu’s expenses rose by over 84% in FY24, totalling Rs 258.32 crore compared to Rs 140.13 crore in FY23. Employee benefit costs reduced to over 32% of the company’s total expenses in FY24, down from over 48% in FY23. However, depreciation, finance costs, and advertisement expenses increased, accounting for over 14%, 1.5%, and 2.2% of the total expenses, respectively, in FY24.
The company’s losses increased by over 50% in FY24, reaching Rs 142.82 crore from Rs 94.88 crore in FY23. Its EBITDA margin improved to -75.87% in FY24 from -165.73% in FY23. Similarly, ROCE improved slightly to -53.95% in FY24 from -56.31% in FY23.