Yulu Bags $93 Mn To Scale EV Fleet, Enter Full-Size Electric Scooter Segment

Electric mobility service provider Yulu has raised $93 Mn (about ₹887.5 Cr) in its Series C funding round led by GEF Capital Partners as it looks to expand its fleet and enter the full-size electric two-wheeler segment. 

The round comprised $63 Mn in equity and $30 Mn in debt. 

The Bengaluru-based startup plans to use the fresh capital to quadruple its active fleet to 2 Lakh EVs over the next two years. It will also expand its service-hub network and deepen partnerships with enterprise customers. 

As part of its expansion, Yulu plans to launch Yulu Express, a full-size, high-payload electric scooter designed for ecommerce logistics, bike taxis and express parcel delivery. 

This will mark Yulu’s expansion beyond the low-speed electric scooters that underpin its shared mobility and last-mile delivery operations. However, the startup did not clarify if Yulu Express will be sold directly to individuals and enterprises or offered through its existing rental and subscription model.

Founded in 2017 by Amit Gupta, Naveen Dachuri, Anuj Tewari and RK Misra, the electric mobility-as-a-service startup offers shared electric two-wheelers for urban commuting and last-mile delivery across 12 metros and eight franchise-operated regional markets.

Yulu began by offering low-speed electric scooters for short-distance urban travel but turned its focus towards delivery workers associated with platforms such as Swiggy, Zomato, Zepto and Blinkit amid the Covid-19 pandemic. 

Delivery workers and other service professionals can rent Yulu’s electric scooters through weekly and monthly subscription plans. Depending on the plan, subscriptions range from about ₹1,200 to ₹7,300 and cover between 400 and 3,600 kilometres. 

The startup claimed that its fleet collectively covers 2.5 Mn kilometres and facilitates more than 7.5 Lakh doorstep deliveries every day. It also claimed to power over 15% of quick commerce deliveries across India’s four largest metropolitan markets. 

Yulu Eyes IPO

Yulu last raised $82 Mn in a Series B funding round led by Magna International and Bajaj Auto. With the current funding, Yulu has now raised more than $228 Mn since inception. 

Yulu claimed it scaled its revenue sevenfold between its previous funding round and FY26. It also said it has remained EBITDA positive since April 2025. 

The startup is now planning to go for an IPO in the next few years once enhanced profitability and public market readiness is achieved. 

Yulu reported an operating revenue of ₹237.4 Cr in FY25, up 98% from ₹119.9 Cr in the previous year. It posted a net loss of ₹126 Cr in the year, down 12% YoY. 

Delivery EVs Draw Funding 

Yulu’s fundraise comes amid rising demand for electric two-wheelers from ecommerce, quick commerce and last-mile logistics platforms. The commercial segment is seeing high vehicle utilisation due to its potential to lower running costs for delivery workers and mandates by state governments for companies to electrify their delivery fleets.

As a result, several EV manufacturers are developing vehicles for delivery workers, small businesses, and other commercial users. 

Yulu’s fundraise comes days after electric two-wheeler manufacturer River Mobility raised $120 Mn in a Series C round. River plans to use the capital to expand the manufacturing capacity for its electric scooters, which are also positioned for entrepreneurs and commercial users. 

Meanwhile, Bounce raised ₹36 Cr earlier this year from existing investors Accel and Capital, while Simple energy closed a ₹126 Cr Series B round last month. 

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