Electric mobility platform Yulu has raised US$93 million in a Series C round, giving the Bengaluru-based company fresh capital to expand its electric vehicle fleet, strengthen its service network and push deeper into commercial urban mobility.
The financing includes US$63 million in equity led by GEF Capital Partners and US$30 million in debt. Yulu describes the transaction as the largest capital raise in its history. The company plans to use the funds to quadruple its active EV fleet to 200,000 vehicles within the next two years, while also expanding service hubs, enterprise partnerships and hyperlocal mobility offerings.
The fundraise comes with an important shift in Yulu’s growth story. The company is not simply looking to put more electric two-wheelers on the road. It is widening the range of jobs those vehicles are expected to perform, particularly across delivery, logistics and other high-frequency commercial applications.
Yulu Express widens the commercial mobility play
A key part of that strategy is Yulu Express, a new full-sized, high-payload electric scooter aimed at commercial users.
The vehicle is designed for applications including e-commerce logistics, bike taxis and express parcel delivery, giving Yulu a product that extends beyond its existing urban mobility use cases. The company is positioning the scooter for businesses and operators that depend on repeated intra-city trips and require greater carrying capacity.
That direction also reflects how Yulu is approaching electric mobility. Instead of concentrating only on conventional passenger transport, the company is targeting segments where two-wheelers can remain in intensive use throughout the day, including quick-commerce delivery, parcel movement and other hyperlocal services.
200,000 EVs within two years
Fleet expansion remains the biggest numerical target attached to the new funding.
Yulu intends to take its active electric vehicle fleet to about 200,000 vehicles over the next two years. Alongside the vehicles themselves, it plans to expand the service infrastructure needed to support a significantly larger operating network.
The company currently operates in 12 primary metropolitan markets, including Bengaluru, Mumbai, Delhi-NCR and Hyderabad, as well as eight franchise-operated regional markets.
The expansion is expected to increase Yulu’s capacity to work with enterprise customers and logistics partners while opening up additional hyperlocal mobility applications.
A fleet already handling 750,000 deliveries a day
The scale of Yulu’s existing commercial operations provides another perspective on why the company is expanding in this direction.
Yulu says its fleet travels around 2.5 million zero-emission kilometres every day and facilitates more than 750,000 doorstep deliveries daily. It also says its vehicles support more than 15% of quick-commerce deliveries across India’s top four metropolitan centres.
Those figures place delivery and short-distance logistics at the centre of Yulu’s current operating model, rather than treating them as an adjacent business opportunity.
The company’s platform combines purpose-built electric vehicles with proprietary technology and energy infrastructure. Yulu has also developed partnerships with Bajaj Auto and Magna International as part of its wider electric mobility ecosystem.
Revenue grew sevenfold between FY2023 and FY2026
Yulu is entering this expansion phase with stronger operating metrics than it reported three years ago.
The company says its revenue increased sevenfold between FY2023 and FY2026. It also says it has maintained positive EBITDA since April 2025, while continuing to focus on operating efficiency and unit economics.
Positive EBITDA is particularly relevant to the company’s longer-term plans because Yulu has linked its improving financial performance and operating leverage with its preparation for a possible entry into the public markets.
The latest funding is expected to accelerate that process, although no timeline for a listing has been stated in the information available. Yulu has said that stronger profitability metrics, revenue growth and operating leverage are improving its public-market readiness.
Commercial EVs remain central to Yulu’s model
Yulu’s expansion strategy is built around intensive vehicle utilisation.
That means focusing on applications where electric two-wheelers can be deployed repeatedly through the day, rather than relying only on occasional passenger trips. Quick-commerce, e-commerce logistics, parcel delivery and bike taxis are among the areas identified by the company.
Yulu also reports measurable environmental and economic effects from its operations. The company says its fleet helps avoid approximately 2 million kilograms of CO2 emissions every month. It also estimates that lower operating costs through its platform can translate into a 30% to 40% increase in net takeaway earnings for gig workers.
These are company-reported figures and should be read as such.
From mobility platform to larger urban logistics network
Founded in 2017 by Amit Gupta, RK Misra, Naveen Dachuri, Anuj Tewari, and Hemant Gupta and headquartered in Bengaluru, Yulu has built its business around technology-enabled electric two-wheelers and urban mobility services. The company says users of its platform have collectively travelled more than 2.2 billion kilometres.
Its Series C round now gives it capital to pursue a much larger operating footprint.
For Yulu, the next two years will revolve around four clear priorities: expanding its EV fleet, introducing new vehicle products, strengthening enterprise relationships and entering additional hyperlocal mobility applications. The arrival of Yulu Express adds a commercial vehicle to that plan, while the 200,000-EV target sets the scale the company wants to reach.
The combination of US$93 million in new funding, a sevenfold increase in revenue since FY2023, positive EBITDA since April 2025 and more than 750,000 deliveries facilitated each day puts the focus on whether Yulu can translate its existing utilisation levels into a substantially larger electric mobility network.
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