Yulu, the innovative emobility startup providing electric vehicles (EVs) on rent and operating an AI-enabled battery-as-a-service (BaaS) platform, reported a 71% year-on-year increase in its consolidated net loss, reaching INR 94.9 crore in the financial year 2022-23 (FY23). Despite a robust nearly 44% year-on-year surge in operating revenue to INR 41.7 crore, the widening loss was attributed to heightened expenses linked to the expansion of Yulu’s battery swapping infrastructure and workforce.

Founded in 2017, Yulu has been a prominent player in offering sustainable emobility solutions in cities like Bengaluru, Mumbai, and Delhi NCR. The startup focuses on providing affordable EVs for daily commuters and last-mile delivery executives, incorporating a unique battery-swapping approach.

During FY23, the majority of Yulu’s operating revenue, approximately INR 38 crore, stemmed from renting EVs to daily commuters and last-mile delivery executives, marking a nearly 31% year-on-year increase. Additionally, the income from supplying manpower services rose significantly to INR 3.8 crore in FY23 from a nominal INR 9,000 in the previous year.

Examining Yulu’s total revenue, which includes interest income and other non-operating income, it reached INR 46.6 crore during FY23, a notable increase from INR 30.5 crore in FY22.

However, the rise in Yulu’s expenses played a pivotal role in the widened net loss. Total expenditure in FY23 amounted to INR 140.1 crore, witnessing a sharp 60.5% increase from INR 87.3 crore in the previous fiscal year. Notably, the cost of running operations more than doubled to INR 31.9 crore in FY23 from INR 12.7 crore in FY22. The cost of battery charging, a crucial aspect of Yulu’s infrastructure expansion, surged by 730% year-on-year to INR 13.3 crore.

Employee benefit expenses emerged as the largest contributor, constituting over 48% of Yulu’s total expenses. It rose by 65.6% to INR 67.5 crore in FY23 from INR 43.1 crore in FY22. This included INR 55.3 crore spent on salaries and wages, along with an allocation of INR 4.6 crore towards Employee Stock Ownership Plans (ESOPs) in FY23.

Despite financial challenges, Yulu remains committed to strengthening its operations and recently ventured into the hyperlocal delivery category through a partnership with quick commerce delivery platform Zepto. The startup’s introduction of the Yulu Wynn, a low-speed escooter priced at INR 55,555, signals its entry into the retail segment, showcasing a dedication to innovation and market diversification.

By Admin

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