Amit Gupta, Co-founder of multi-billion dollar startup InMobi in India after spending substantial time at the successful company wasn't able to suppress the urge of doing something new. He also co-founded a bike-sharing startup Yulu to compete in the emerging market of bike sharing services. Yulu will be coming with its smart bikes renting service in Bangalore in coming weeks.
After making his first startup successful, Gupta wanted to do something more by contributing to the society. By months of discussion and planning, he started Yulu with the aim to reduce the traffic-related problems in the country. In coming days the Yulu will launch its bicycle available for rent in Banglore. Yulu will initially provide few hundred of bicycles in the city mostly the dockless ones for the people interested in renting the bikes. The catch is that the Yulu will allow the customers rent the bikes using their Android or iOS smartphones. Moreover, people have to use the QR code to unlock the bikes and they will be bill after every 30 minutes of use by Yulu app.
The bike sharing is the new stream of e-commerce that is catching up the trend in 2017 and will be going to speed up more in 2018. Not only in India, the startups across other countries are also raising big funds for the bike renting business. In China, Ofo and Mobile emerged as the most successful startups in renting the vehicles. In the US, LuBike has raised $62 billion whereas Spin successfully secured $8 billion against the bike sharing giant Locomotive. Over in India, Ola, the Indian ride-sharing firm has recently launched bike ride services for the riders currently centered to the Faridabad region.
While his trip to China, Gupta experienced the hassle-free bicycle renting service offered by Mobike and Ofo. That made him realize the same implementation could also solve the traffic problems in India. However, it took both the companies two years to mark the success in bike renting service. Amit Gupta mentioned that may be the adoption is slow but more 300 million people in India have smartphones with an active data connection so it's the perfect time to get in action.
“I had been happily running the first company, InMobi, and very proud of what we’ve done. But in my own mind, I had an itch where I was wondering if I could do something that would impact society more closely. I just turned 40 and I thought that if I commit the next five to ten years to solve for traffic and pollution problems, which is becoming a big social problem in the country, I could make an impact using technology”, said Amit Gupta.
Yulu currently has a team of 20 employees and the team is working under Amit Gupta at InMobi’s office for months now. Yulu was founded by four people without an outer investment and managed to get noticed with self-funding. Right now Yulu has enough amount of capital to continue working for at least for seven to nine months but Amit Gupta is expecting a big opportunity. Amit Gupta also mentioned that he is in regular talks with the government of India to support the bike rent startups in the country and let the bikes run on the roads seamlessly.