Yulu Series C Funding Raises US$93 Million For EV Fleet Expansion

Yulu Raises US$93 Million In Series C Round

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 Yulu Series C Funding round will support expansion of the company’s electric vehicle fleet, service hubs and enterprise partnerships. The capital raise is intended to strengthen Yulu’s operating capacity as it scales its shared and commercial electric mobility activities across India. The company is also positioning the investment as a foundation for broader fleet deployment and deeper relationships with enterprise customers as demand for electric last-mile mobility continues to develop.

Fleet Expansion And Yulu Express Strategy

Yulu plans to quadruple its active fleet to 200,000 EVs over the next two years as part of its expansion strategy. Alongside its existing mobility operations, the company plans to broaden intra-city applications through Yulu Express, a full-sized, high-payload electric scooter designed for e-commerce logistics, bike taxis and express parcel delivery. The move expands Yulu’s addressable use cases beyond conventional shared mobility by targeting commercial and delivery applications that require higher payload capacity and frequent urban operation. The company expects the larger fleet and wider application portfolio to support additional growth across its enterprise mobility activities.

Revenue Growth And Public Market Readiness

The company said its revenue increased sevenfold between FY2023 and FY2026 and that it has maintained positive EBITDA since April 2025. Yulu added that it is working towards public market readiness over the next few years by improving profitability and operating leverage. Its current operating footprint spans four primary metropolitan markets, including Bengaluru, Mumbai, Delhi-NCR and Hyderabad, alongside eight franchise-operated regional markets. According to the company, its fleet has recorded 2.5 million zero-emission kilometres and facilitates more than 750,000 doorstep deliveries daily, demonstrating the scale of its commercial and urban mobility operations.

Quick-Commerce Share And Sustainability Impact

Yulu said its vehicles account for more than 15% of quick-commerce deliveries across India’s top four metropolitan centres, highlighting its growing role in time-sensitive urban logistics. The company estimates that its operations reduce costs for gig workers and increase their net takeaway earnings by 30-40%. It also estimates that the fleet avoids approximately 2 million kg of CO2 emissions each month. These figures point to the combined commercial and sustainability impact Yulu attributes to its electric mobility model, particularly in delivery-intensive applications where vehicle utilisation and operating economics are important factors.

CEO Highlights Business Momentum

Commenting on the Series C investment, Amit Gupta, Co-founder and CEO, Yulu, said, “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.” The company intends to use the newly raised capital to accelerate fleet expansion, strengthen its service-hub network and deepen enterprise partnerships. With its stated focus on profitability, operating leverage and broader commercial applications, Yulu is seeking to scale its platform while preparing for public market readiness over the coming years.

Frequently Asked Questions

How much funding did Yulu raise in its Series C round?
Yulu raised US$93 million in Series C funding to expand its electric vehicle fleet, service hubs and enterprise partnerships across its mobility operations. The round includes US$63 million in equity led by GEF Capital Partners and US$30 million in debt. The company plans to use the capital to scale its operating footprint and support additional commercial mobility applications. Yulu also aims to quadruple its active fleet to 200,000 EVs over the next two years, including expansion through Yulu Express for logistics, bike taxis and parcel delivery.

What is Yulu’s target for its active electric vehicle fleet?
Yulu plans to quadruple its active fleet to 200,000 electric vehicles over the next two years, while expanding commercial mobility applications through its Yulu Express platform. The full-sized, high-payload electric scooter is designed for e-commerce logistics, bike taxis and express parcel delivery. The fleet expansion is part of a broader strategy to increase operating capacity and address additional intra-city mobility use cases. Yulu also plans to expand service hubs and enterprise partnerships as it scales its electric mobility operations.

How has Yulu’s financial performance developed?
Yulu said its revenue increased sevenfold between FY2023 and FY2026 and that it has maintained positive EBITDA since April 2025. The company is working towards public market readiness over the next few years by increasing profitability and operating leverage. Its stated operating footprint includes four primary metropolitan markets and eight franchise-operated regional markets. Yulu also reports 2.5 million zero-emission kilometres, more than 750,000 doorstep deliveries daily and over 15% of quick-commerce deliveries across India’s top four metropolitan centres.