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Bajaj Auto backs ride-sharing platform Yulu in EV push

Investment underscores strategy to back startups to test emerging market

Demand for two-wheelers has taken a beating in India amid rising fuel costs and vehicle prices.   © Reuters

MUMBAI (NewsRise) -- Bajaj Auto's investment in electric cycle-sharing platform Yulu underscores the rush of conventional two-wheeler makers in India to gain a toe-hold in the growing electric-vehicle market.

Bajaj has already unveiled its first electric scooter, marking the return of its marquee brand 'Chetak.' The Pune, western India-based company, which exited the scooter market in 2006 to focus on motorcycles, is set to launch the scooter next year. Its move to back a ride-sharing business also reflects the growing pressure on automakers as the industry battles one of the worst downturns ever amid slowing sales.

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