Yulu, an emobility startup, reported a 71% year-on-year increase in its consolidated net loss, reaching INR 94.9 crore in the financial year 2022-23 (FY23). The widening loss was attributed to the company’s elevated expenses related to the expansion of its battery swapping infrastructure and an increase in its workforce. Despite a nearly 44% year-on-year surge in operating revenue to INR 41.7 crore, Yulu’s bottom line was impacted in FY23.
Founded in 2017, Yulu offers emobility solutions in cities like Bengaluru, Mumbai, and Delhi NCR. The startup specializes in providing electric vehicles (EVs) on rent to daily commuters and last-mile delivery executives, and it operates an AI-enabled battery-as-a-service (BaaS) platform.
In FY23, the majority of Yulu’s operating revenue, nearly INR 38 crore, came from the income generated by renting EVs to daily commuters and last-mile delivery executives, marking a nearly 31% year-on-year increase. Additionally, Yulu’s income from the supply of manpower services rose to INR 3.8 crore in FY23 from a mere INR 9,000 in the previous year.
Yulu’s total revenue, including interest income and other non-operating income, stood at INR 46.6 crore during FY23, compared to INR 30.5 crore in FY22.
Examining Yulu’s expenses, the total expenditure in FY23 amounted to INR 140.1 crore, a sharp 60.5% increase from INR 87.3 crore in the prior fiscal year. The cost of running operations more than doubled to INR 31.9 crore in FY23 from INR 12.7 crore in FY22. Notably, the cost of battery charging surged by 730% year-on-year to INR 13.3 crore, aligned with the company’s efforts to expand its battery swapping infrastructure.
Employee benefit expense emerged as the largest contributor (over 48%) to Yulu’s total expenses, rising by 65.6% to INR 67.5 crore in FY23 from INR 43.1 crore in the previous year. This included INR 55.3 crore spent on salaries and wages, compared to INR 36.4 crore in FY22. The startup also allocated INR 4.6 crore towards Employee Stock Ownership Plans (ESOPs) in FY23, up from INR 2.5 crore in FY22.
Despite the challenges, Yulu remains committed to strengthening its operations. Recently, the startup expanded into the hyperlocal delivery category by partnering with quick commerce delivery platform Zepto in cities like Bengaluru, Mumbai, Delhi, and Gurugram. Additionally, Yulu introduced a new low-speed escooter, Yulu Wynn, priced at INR 55,555, as part of its entry into the retail segment.
