Yulu has raised $93 Mn (around Rs 887.5 Cr) in its Series C funding round as the electric mobility startup looks to scale its EV fleet and expand beyond its existing low-speed electric two-wheelers. The round includes $63 Mn in equity led by GEF Capital Partners and $30 Mn in debt.
The Bengaluru-based company plans to use the fresh capital to quadruple its active fleet to 2 Lakh electric vehicles over the next two years. It will also expand its service-hub network and strengthen partnerships with enterprise customers, particularly across ecommerce and quick commerce.
Yulu To Enter Full-Size Electric Scooter Segment
As part of the expansion, Yulu plans to launch Yulu Express, a full-size, high-payload electric scooter aimed at ecommerce logistics, bike taxis and express parcel delivery. The move will take the company beyond the low-speed EVs that currently form the core of its shared mobility and last-mile delivery business.
Yulu has not yet disclosed whether the new electric scooter will be sold directly to consumers and enterprises or offered through its existing rental and subscription model. The company currently operates shared electric two-wheelers across 12 metros and eight franchise-operated regional markets.
The startup has increasingly focused on delivery workers after seeing stronger demand for EVs from platforms such as Swiggy, Zomato, Zepto and Blinkit. Its electric scooters are available to delivery and service professionals through weekly and monthly subscription plans, with plans ranging from about Rs 1,200 to Rs 7,300.
Yulu Eyes Growth As Demand For Delivery EVs Rises
Yulu’s latest fundraise comes as ecommerce, quick commerce and last-mile logistics companies increase their use of electric two-wheelers. High vehicle utilisation and lower running costs have made EVs increasingly relevant for delivery workers, while state-level electrification requirements are also pushing commercial fleets towards electric mobility.
The company said its fleet currently covers around 2.5 Mn kilometres and supports more than 7.5 Lakh doorstep deliveries every day. Yulu also claims to power over 15% of quick-commerce deliveries across India’s four largest metropolitan markets.
The funding also strengthens Yulu’s position as it works towards profitability and a potential public listing. The company has raised more than $228 Mn since its inception and said its revenue grew sevenfold between its previous funding round and FY26, while it has remained EBITDA-positive since April 2025.
Yulu reported operating revenue of Rs 237.4 Cr in FY25, nearly double the Rs 119.9 Cr recorded in the previous year. Its net loss narrowed 12% year-on-year to Rs 126 Cr, indicating improving financial performance even as the company continues to invest in fleet expansion.
The latest round comes amid increased investor interest in electric two-wheelers designed for commercial and delivery use. With Yulu expanding its fleet while moving into larger, higher-payload scooters, the company is positioning itself to capture a wider share of India’s growing electric mobility and last-mile delivery market.
FAQs
- What is Yulu?
Yulu is an Indian electric mobility company that provides electric two-wheelers for shared mobility and last-mile delivery services.
- How much funding has Yulu raised?
Yulu has raised $93 Mn in its Series C funding round, including equity and debt financing.
- Who led Yulu’s Series C funding round?
The $63 Mn equity portion of the Series C round was led by GEF Capital Partners, while the remaining $30 Mn came through debt.
- What will Yulu use the new funding for?
Yulu plans to expand its EV fleet, increase its service hub network, and strengthen partnerships with e-commerce and quick commerce companies.
