Yulu raises $93 million in largest funding round, eyes 200,000-EV fleet

Yulu has raised $93 million in its largest funding round to date as the electric mobility company looks to quadruple its active fleet to 200,000 EVs over the next two years and expand into new intra-city mobility segments.

The Series C round includes $63 million in equity led by GEF Capital Partners and $30 million in debt. Yulu said the funds will be used to expand its service hubs, deepen enterprise partnerships and scale its fleet as demand for electric vehicles in urban logistics grows.

The company also plans to launch Yulu Express, a full-sized, high-payload electric scooter aimed at e-commerce logistics, bike taxis and express parcel delivery.

Yulu operates an electric mobility platform that combines its own vehicles, technology and energy infrastructure. It has strategic partnerships with Bajaj Auto and Magna International.

The company said its revenue grew sevenfold between FY2023 and FY2026. It has also reported positive EBITDA since April 2025, putting it on a path towards an IPO in the next few years.

“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,” said Amit Gupta, Co-founder & CEO of Yulu. “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.”

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

Its fleet covers 2.5 million zero-emission kilometres every day and supports more than 750,000 doorstep deliveries. Yulu said it powers more than 15% of quick-commerce deliveries across India’s top four metropolitan centres.

The company also said its vehicles help gig workers increase their net takeaway earnings by 30-40% by lowering operating costs. Its fleet is estimated to prevent around 2 million kilogrammes of CO2 emissions every month.

“Yulu has demonstrated that sustainable mobility can also be a compelling and scalable business,” said Alipt Sharma, Partner at GEF Capital. “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.”