Bike Sharing Startup Yulu Will Hit The Streets in A Month
InMobi co-Founder Amit Gupta’s second venture, a bike sharing startup, is all to set to hit the streets of Bengaluru in less than a month.
Christened Yulu, the Chinese word for simple, the startup, aims to solve the traffic congestion by providing first mile, last mile and short distance commute. “After spending a decade with a technology company, I wanted to solve a social problem with technology, and one of the big problems we face everyday is traffic congestion and pollution,” Gupta told BloombergQuint in an interview.
Gupta’s mobile advertising company InMobi went to become India’s first unicorn. He believes there is latent demand in India for bike sharing.
Yulu will launch its services in Bengaluru with a few hundred bicycles by the end of this month. The smart bicycle uses internet of things technology to track movement. The bikes can be rented via the Yulu app and can be unlocked by scanning the QR code. Gupta said the rates will range from Rs 5-10 for the first 30 minutes.
India is warming to the concept of bike sharing with SoftBank-backed ride-sharing company Ola venturing into the sector with Ola Pedal. Last month, Ford-backed self-drive rental company Zoomcar forayed into the cycle rental business through an app called PEDL.
While there is no supporting infrastructure like dedicated bike lanes in India, Gupta is optimistic that the concept will pick up pace in the country. “In India usage comes and infrastructure follows.”