Shared Electric Mobility leader Yulu signs an MoU with Government of Karnataka to invest INR 1200 crores and create 7000+ jobs

Yulu, India’s market leader in shared electric 2 wheeler Mobility-as-a-Service (MaaS) and Battery-as-a-Service (BaaS) businesses, today entered a Memorandum of Understanding (MoU) with the Government of Karnataka re-affirming its commitment to the electric mobility ambition of the State. The MoU was signed by Mr R K Misra, Co-Founder, Yulu, in the presence of the Honorable Chief Minister of Karnataka Shri Basavaraj Bommai, Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman, other Union Cabinet Ministers, State Government officials and other prominent dignitaries at the Invest Karnataka Global Investors Meet in Bengaluru. As part of the MoU, Yulu in line with its business expansion for exponential growth, will invest INR 1200 crores to deploy a fleet of 1 Lakh EVs and operationalize the largest EV battery charging and swapping infrastructure in the State over the next 5 years. In addition to creating a practical & affordable shared solution for urban mobility at scale, the MoU also covers investments made in product innovation, new technology and sustainable operations. Yulu will create about 7000 direct jobs across its value chain activities. Additionally, Yulu will leverage its R&D and research expertise to design, develop & manufacture IoTs and EV charging equipment. Mr R K Misra, Co-Founder, Yulu said, “Karnataka is one of the most progressive & action-oriented