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Yulu raises $93 million in Series C to quadruple EV fleet to 200,000
Funding will support quick-commerce expansion, new mobility services and IPO plans
Bengaluru: Yulu has raised $93 million in its Series C funding round, its largest capital raise to date, as the electric mobility company looks to quadruple its active fleet to 200,000 electric vehicles over the next two years.
The round comprises $63 million in equity led by GEF Capital Partners and $30 million in debt. Yulu plans to use the capital to expand its fleet and service hubs, strengthen enterprise partnerships and enter new hyperlocal mobility segments.
The company is also launching Yulu Express, a full-sized, high-payload electric scooter aimed at e-commerce logistics, bike taxis and express parcel deliveries.
Yulu currently operates across 12 primary metropolitan markets, including Bengaluru, Mumbai, Delhi-NCR and Hyderabad, along with eight franchise-operated regional markets.
Its fleet covers about 2.5 million zero-emission kilometres each day and supports more than 750,000 doorstep deliveries daily. The company says it powers more than 15 per cent of quick-commerce deliveries across India’s four largest metropolitan centres.
Yulu’s vertically integrated model combines its own vehicle hardware, technology and energy infrastructure, supported by partnerships with Bajaj Auto and Magna International.
The company said revenue grew sevenfold between FY2023 and FY2026 and that it has maintained positive EBITDA since April 2025. It is now targeting stronger operating leverage as it prepares for a potential public market listing in the coming years.
The funding will also support Yulu’s entry into adjacent intra-city mobility applications, as it seeks to broaden its role in India’s urban transportation ecosystem.
The company said its electric mobility platform helps reduce operating costs for gig workers, increasing their net earnings by 30-40 per cent. Its fleet also helps avoid around two million kilogrammes of carbon dioxide emissions each month.
The latest funding gives Yulu additional capital to scale its existing quick-commerce business while developing larger vehicles and new use cases.
With its fleet targeted to reach 200,000 EVs within two years, the company is now positioning its next phase of growth around scale, profitability and eventual public-market readiness.
