Magna International Inc is investing $77 million in India's EV startup Yulu to enter the micromobility market, the Canadian auto parts supplier said on Sunday.
Magna will own a stake and hold a seat on the board of the Bangalore, India based company, it said. The two companies have established a new battery swapping entity.
Yulu operates around 10,000 low-speed electric two-wheelers in Bangalore, Delhi, and Mumbai. It is targeting an additional 15 cities in the next 18 months.
Micromobility, which facilitates transportation over short distances through light weight vehicles such as electric scooters and bikes, has flourished globally, supported by government incentives for the use of environmentally friendly transportation.
Earlier this year, India's finance minister said that the country will introduce a new policy for battery swapping to boost sales of electric vehicles (EVs).