Yulu Raises $93 Million Series C, Targets 200,000 EV Fleet

India-based electric mobility platform 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, as the company plans to quadruple its active EV fleet to 200,000 vehicles within the next two years and expand into new hyperlocal mobility segments.

As a vertically integrated electric vehicle (EV) ecosystem spanning purpose-built hardware, proprietary technology, and expansive energy infrastructure, with the help of strategic partnerships with Bajaj Auto Ltd (NSE: BAJAJ-AUTO) and Magna International Inc. (NYSE: MGA), Yulu is uniquely positioned to capture the accelerating demand for sustainable urban logistics. The proceeds will be deployed to quadruple Yulu’s active fleet to 200,000 EVs within the next 2 years, expand service hubs, and deepen strategic enterprise partnerships.

Additionally, Yulu will enter adjacent intra-city mobility verticals with the launch of Yulu Express—a full-sized, high-payload electric scooter built for e-commerce logistics, bike taxis, and express parcel delivery.

Industry-Leading Financial Performance and Unit EconomicsIndustry-Leading Financial Performance and Unit Economics

Since its Series B round in 2022, Yulu has scaled efficiently under strong financial discipline, favourable regulatory tailwinds, and localised tech innovation:

Top-Line Growth: Revenue expanded 7x from FY2023 to FY2026.
Operational Profitability: Sustained positive EBITDA since April 2025, operating with resilient unit economics.
Path to IPO: Enhanced profitability metrics through growth and operating leverage to drive public market readiness for the company in the next few years.

Scale, Ecosystem Dominance, and ESG ImpactScale, Ecosystem Dominance, and ESG Impact

Yulu’s full-stack operational architecture drives industry-leading asset utilisation across 12 primary metros—including Bengaluru, Mumbai, Delhi-NCR, and Hyderabad—alongside eight franchise-operated regional markets.

Daily Scale: Yulu’s fleet logs 2.5 million zero-emission kilometres and facilitates over 750,000 doorstep deliveries daily.
Market Share: Powers more than 15% of all quick-commerce deliveries across India’s top four metropolitan centres.
Socio-Economic Impact: Lowers operational overhead for gig workers, increasing net takeaway earnings by 30-40%.
Environmental Impact: Abates approximately 2 million kilogrammes of CO2 emissions monthly.

“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 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.”