Bajaj saved automatically Yulu Tuesday reported a 188 per cent rise in operating revenue to Rs 119.9 crore for the year ended March 31, compared to Rs 41.7 crore in the previous year.

The increase in revenue comes from product sales as well as increased revenue from electric vehicles and bicycle rental services. In 2023, Yulu launched its first personal electric two-wheeler: the Wynn.

Earlier this month, the company announced plans to launch its mid-speed electric two-wheeler, which will be revealed before the end of the year. This category of vehicles can be used as bike taxis, for e-commerce deliveries, and for long-distance food orders, among other uses.

However, the company reported a 51% increase in total losses for FY24. It reported a total loss for the period of Rs 142.8 crore compared to Rs 94.9 crore in FY23, bogged down by the increase in expenses during the period.

The company revealed that its user numbers had increased sevenfold in the last 24 months.

Yulu also announced plans to double its field presence to 100,000 electric vehicles by 2025. It currently operates more than 40,000 electric vehicles.

The company has benefited from growth in the fast commerce segment, with startups like Zepto and Blinkit driving demand for its two-wheelers to enable gig workers to make deliveries. Yulu claims to have nearly 100% coverage of dark stores in the areas it serves.

In an interview with CNBC TV18 this month, Yulu co-founder and CEO said the company aims to make profit after tax (PAT) positive and added that this is a crucial step for the company before proceeding with an IPO. The company is targeting an IPO in the next two to three years.

The company also seeks to increase $100 million in debt and Series C equity financing over the next 12 months to fuel its expansion plans. He raised for the last time $19.25 million as part of a financing round this year from a Canadian auto parts manufacturer Magna and Bajaj Auto Limited, continuing its B series cycle.