Yulu has raised $93 million (about ₹887.5 crore) in Series C funding as the Bengaluru-based electric mobility startup accelerates fleet expansion and prepares to enter the full-size electric scooter segment. Yulu Bags $93 million to Scale EV Fleet through a funding mix of $63 million in equity, led by GEF Capital Partners, and $30 million in debt.
Fleet Expansion and City Growth
The fresh capital will help Yulu quadruple its active fleet from around 50,000 electric two-wheelers to 2 lakh EVs over the next two years. The company also plans to expand its service hub network, strengthen enterprise partnerships, and increase its presence from 12 cities to 20 cities over the next year, with Chennai and Pune among the targeted markets.
Yulu Bags $93 Mn to Scale EV Fleet as demand from e-commerce, quick-commerce, and last-mile delivery workers continues to rise. Gig workers serving platforms including Swiggy, Zomato, Zepto, Blinkit, Amazon, and Flipkart now contribute a bulk of Yulu’s revenue.
Yulu Express Targets Logistics and Bike Taxis
A part of the expansion is the upcoming Yulu Express, a full-size, high-payload electric scooter designed for bike taxis, express parcel delivery, and longer-haul e-commerce logistics. About one-third of Yulu’s planned 2-lakh-vehicle fleet is expected to comprise the new model.
Unlike Yulu’s existing low-speed scooters, which are manufactured by long-time partner Bajaj Auto, the high-speed Yulu Express is being developed with an unnamed Indian manufacturer. The new model marks a significant shift from Yulu’s short-distance urban mobility focus toward higher-demand commercial applications.
Subscription Model Fuels Delivery Growth
Yulu operates shared electric two-wheelers through its app and Yulu stations. Delivery workers and service professionals can choose weekly or monthly subscriptions priced between ₹1,200 and ₹7,300, depending on usage. Plans can provide access to between 400 km and 3,600 km of riding.
Financial Outlook and Next Phase
The move strengthens Yulu’s EV strategy. Yulu Bags $93 million to Scale EV Fleet at a post-money valuation of roughly $170 million. The company reported ₹237.4 crore in operating revenue and a ₹126 crore net loss in FY25 but achieved positive EBITDA during the fiscal year. Yulu expects to reach full profitability before interest and taxes next year.
The Series C is expected to be Yulu’s final equity fundraise before a potential public-market listing, with future expansion expected to rely more heavily on debt and vehicle leasing.
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