Yulu Raises $93 Million as Major Backers Step Aside Before IPO Plans

Two major investors in Yulu, Bajaj Auto and Magna International, chose not to join the Bengaluru electric scooter startup's latest $93 million funding round. Yulu used $5.5 million to buy out its earliest backers, whose investment funds were winding down. CEO Amit Gupta says this is Yulu's last funding round before a stock market listing; future growth will rely on loans and rentals.