New Delhi, India (Urban Transport News): Yulu is a renowned mobility service platform that provides smart electric Micro Mobility Vehicles (MMV). In the midst of the coronavirus pandemic, YULU is planning to expand its startup by adding one lakh vehicles by the year 2021.
As we all know this pandemic has affected mobility in many ways. And the main aim of YULU is to provide first-mile and last-mile connectivity in various cities through electric vehicles. Now, after 3 months of lockdown, markets started opening up in the unlock process and trying to get back to normal. During the lockdown, many vehicle rental companies such as VOGO, Bounce, and Drivezy faced a drastic drop in the demand for their services.
Amit Gupta, CEO of Yulu says that this shift in the demand is temporary because of the pandemic and it will get back to normal after 4-5 months. But till then companies like YULU have to change their funda of short term bike-sharing model to a long-term rental model.
Now, Yulu will be providing bikes for long-term rentals starting from 7 days up to 60 days. It’s because this pandemic has made people prefer their own vehicle instead of a short time rented one. YULU will expand its business by focusing more on the hyperlocal delivery segment and long-term bike subscriptions.
Gupta said they will add 1 lakh electric vehicles on the road by end of 2021 and introduce its service in new cities as well. He also talked about the trend of vehicle ownership in India. Furthermore, he said India has had very low consumer ownership penetration. Only 35 Out of every 1,000 people in this country possess their own car. Additionally in the light of pandemic situation he said, believe that demand for such long term plans will only exist for the next 3 to 4 months.
It is pertinent to mention here that this year Yulu Bikes has been awarded "Micro Mobility Service Provider of the Year" at Rail Infra and Mobility Business Digital Awards 2020.