Yulu Raises US$93 Million In Series C Funding

Yulu has raised US$93 million in its Series C funding round, comprising US$63 million in equity led by GEF Capital Partners and US$30 million in debt. The company said the funds will be used to expand its electric vehicle fleet, add service hubs, enter new intra-city mobility segments, and support its plans for a potential public market listing.

Yulu operates an electric mobility-as-a-service (MaaS) platform focused on urban mobility and logistics. The company has strategic partnerships with Bajaj Auto and Magna International and operates a vertically integrated model covering electric vehicles, technology, and energy infrastructure.

Yulu plans to increase its active fleet fourfold to 200,000 EVs over the next two years. The company will also expand its service hubs and partnerships with enterprise customers. As part of its expansion into other intra-city mobility applications, Yulu plans to launch Yulu Express, a full-sized electric scooter designed for higher payload applications, including e-commerce logistics, bike taxis, and express parcel delivery.

According to Yulu, its revenue increased sevenfold between FY2023 and FY2026, while the company has maintained positive EBITDA since April 2025. It plans to leverage improved profitability and operating efficiency to prepare for a potential public market listing in the coming years.

Yulu currently operates across 12 metros, including Bengaluru, Mumbai, Delhi-NCR, and Hyderabad, along with eight franchise-operated regional markets.

Founded in 2017 and headquartered in Bengaluru, Yulu operates electric two-wheelers for shared mobility and logistics. The company said its users have travelled over 2.2 billion kilometres, while its fleet covers around 2.5 million zero-emission kilometres daily and supports more than 750,000 doorstep deliveries. Yulu also claims over 15% of quick-commerce deliveries across India’s top four metropolitan markets in India, with its services helping gig workers increase net earnings by 30–40% and reducing CO₂ emissions by an estimated 2 million kg per month.

Amit Gupta, Co-founder & CEO of Yulu said, “Yulu was built on the conviction that hyper-local mobility requires purpose-built vehicles along with suitable infrastructure, deep technology integration, and uncompromising unit economics. Securing this Series C capital is a validation of our business model, a massive headroom for demand, our execution capability, and the platform maturity we have built. As we scale our fleet fourfold over next few quarters and launch high-capacity vehicle form factors, Yulu is positioned to remain the definitive backbone of India’s urban hyper-local mobility economy while transitioning seamlessly toward the public markets.”

Alipt Sharma, Partner at GEF Capital said, “Yulu has demonstrated that sustainable mobility can also be a compelling and scalable business. Over the years, the company has built a differentiated platform with strong operational capabilities, disciplined capital allocation and clear market leadership in an increasingly important segment of urban transportation. As India’s cities continue to evolve, we believe shared electric mobility will become an integral part of urban infrastructure, and Yulu is exceptionally well positioned to lead that transition. We are delighted to partner with Yulu’s leadership team at this exciting stage of the company’s journey. This investment reflects our high conviction that Yulu is building one of India’s defining urban mobility companies and the significant opportunity that lies ahead as the company scales its platform across new markets and use cases.”

Also read: Yulu and Bajaj Auto launched electric two wheeler – Miracle GR & Dex GR