Yulu, India's market leader in shared electric 2-wheeler Mobility-as-a-Service (MaaS) and Battery-as-a-Service (BaaS) businesses, 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 R K Misra, Co-Founder, Yulu, in the presence of the Chief Minister of Karnataka, Basavaraj Bommai and Union Minister for Finance and Corporate Affairs Nirmala Sitharaman, 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 Rs 1200 crores to deploy a fleet of 1 Lakh EVs and operationalise the largest EV battery charging and swapping infrastructure in the State over the next five 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 7,000 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.