Yulu Raises $93 Million to Scale Electric Mobility Across India

Yulu raises $93 million in Series C funding to expand its EV fleet to 200,000 vehicles, enter new cities and accelerate electric mobility in India.

Yulu Raises $93 Million for Expansion

Yulu Raises $93 Million in fresh funding as the Bengaluru-based electric mobility company prepares for one of its most ambitious expansion phases yet. The company has secured $93 million through a combination of equity and debt, giving it the financial strength to expand its electric vehicle fleet, enter new Indian cities and build a broader commercial mobility platform. The latest Series C round includes $63 million in equity led by climate-focused investment firm GEF Capital Partners and $30 million in debt.

The fundraise comes at an important moment for India’s mobility industry. Electric two-wheelers are no longer limited to individual consumers looking for alternatives to petrol-powered vehicles. They are becoming increasingly important to delivery workers, e-commerce businesses, quick-commerce companies and other urban logistics operators. Yulu has positioned itself directly at the centre of this transition, building a business around high-utilisation electric vehicles rather than simply selling EVs.

The company now plans to increase its active fleet from approximately 50,000 electric two-wheelers to 200,000 within the next two years. It also intends to expand its presence from 12 cities to around 20 cities over the coming year.

The Vision Behind Yulu Electric Mobility

Founded in 2017, Yulu began with a straightforward idea: make short-distance urban transportation cleaner, more convenient and more accessible. Its shared electric mobility model allowed users to access compact electric two-wheelers without owning a vehicle, offering an alternative for short urban journeys.

Over time, however, the company discovered a much larger opportunity. The rapid growth of food delivery, e-commerce and quick commerce created a new category of users who depend on two-wheelers for several hours every day. For these riders, the economics of mobility are very different from those of ordinary consumers. Fuel costs, maintenance, downtime and vehicle financing can directly affect their earnings.

Yulu gradually shifted its focus towards this high-utilisation market. Today, its electric two-wheelers are used extensively for delivery-related applications, while the company combines vehicles with technology and operational support. Bajaj Auto has also played a strategic role in Yulu’s evolution, supporting the development and production of purpose-built electric two-wheelers. Bajaj Auto’s latest annual report describes Yulu as a significant player in India’s last-mile logistics ecosystem.

Yulu Funding Targets 200,000 EVs

The biggest objective behind the latest Yulu funding is scale. Yulu plans to quadruple its active electric vehicle fleet from around 50,000 units to 200,000 vehicles within two years. That target represents more than a simple increase in the number of scooters and bikes on Indian roads. It signals Yulu’s intention to become a much larger infrastructure player in India’s commercial electric mobility ecosystem.

The company’s current fleet is largely made up of low-speed electric vehicles designed for short-distance delivery operations. These vehicles have found a strong use case in quick commerce and food delivery, where riders frequently travel relatively short distances but need affordable and reliable transportation throughout the day.

The additional capital will allow Yulu to put more vehicles into service while strengthening the operational infrastructure required to maintain them. For a fleet-based mobility business, simply purchasing vehicles is not enough. Maintenance, battery availability, service hubs, technology, rider support and efficient fleet management all determine whether each vehicle generates sustainable returns.

This makes the $93 million raise an important test of Yulu’s ability to convert capital into utilisation, revenue and profitability.

Yulu Expands to 20 Indian Cities

Alongside fleet expansion, Yulu electric mobility is preparing for a wider geographical footprint. The company currently operates across 12 Indian cities and aims to reach approximately 20 cities within the next 12 months through a combination of company-operated and franchise-led models.

The expansion strategy reflects an important change in India’s urban transportation landscape. Demand for affordable electric mobility is not restricted to the largest metropolitan markets. As e-commerce, food delivery and quick commerce penetrate more cities, the need for reliable last-mile transportation is growing alongside them.

Yulu has already experimented with franchise-led expansion, allowing local partners to operate its vehicles while benefiting from the company’s technology and operating ecosystem. Such a model can help the company expand faster without carrying the entire cost of establishing company-owned operations in every market.

The next phase will therefore be about finding the right balance between scale and operational discipline. Expanding into eight additional cities is meaningful, but maintaining vehicle utilisation and service quality will determine whether geographical growth translates into profitable growth.

Yulu Enters New Electric Mobility Segments

One of the most significant developments accompanying the Yulu Series C funding is the company’s move beyond its traditional low-speed electric vehicles. Yulu is preparing to introduce a high-payload electric scooter designed for e-commerce logistics, bike taxis and express parcel delivery.

The move could substantially broaden Yulu’s addressable market. Its existing vehicles are well suited to short-distance deliveries, but longer intra-city trips and heavier commercial applications require different vehicle capabilities. A full-sized electric scooter can address use cases where speed, payload and range become more important.

Yulu’s proposed expansion also shows how India’s electric mobility market is becoming increasingly specialised. Rather than developing one vehicle for every consumer, companies are beginning to design EVs around specific commercial requirements.

For Yulu, the opportunity lies in connecting these vehicles with its existing technology, fleet-management capabilities and operational network. If executed successfully, the company could evolve from a shared-mobility operator into a broader commercial electric mobility platform.

The Role of Quick Commerce in Yulu Growth

The rise of quick commerce has become one of the most important growth drivers for Yulu electric mobility. Platforms promising deliveries within minutes have created enormous demand for riders who can move efficiently through dense urban neighbourhoods.

Yulu’s business model fits naturally into this environment. Delivery workers often require vehicles without wanting to bear the full upfront cost of purchasing and maintaining one. Yulu’s rental and subscription-based approach gives riders access to electric two-wheelers while shifting much of the vehicle ownership burden to the mobility provider.

Reuters reported that Yulu’s current fleet supports quick-commerce and food-delivery operations, while the company has been operationally profitable since April 2025. The company has also said it expects to become monthly profit-after-tax positive in the next calendar year as its fleet expands.

This is where the economics of electric mobility become particularly compelling. A commercial vehicle that operates for long hours can accumulate significant fuel savings compared with a petrol-powered alternative. For riders whose income depends on daily vehicle usage, reducing operating costs can directly improve earning potential.

Yulu’s Financial Growth and Profitability

The latest Yulu funding arrives as the company’s financial performance shows signs of improvement. According to Reuters, Yulu’s revenue almost doubled to approximately ₹237 crore in the financial year ended March 2025, while its loss narrowed by 12% to about ₹126 crore.

The company has also moved beyond the stage where equity capital is needed simply to keep daily operations running. Chief Executive Officer and co-founder Amit Gupta said Yulu has been operationally profitable since April 2025, with the primary requirement for fresh capital now being fleet expansion.

That distinction is important for investors. A startup raising money to cover operating losses faces a very different challenge from one raising capital primarily to increase its productive capacity.

Yulu is targeting annualised revenue of approximately ₹1,200 crore to ₹1,500 crore and wants to reach profit-after-tax profitability before considering a potential public listing.

The company’s next challenge will be maintaining this improving financial trajectory while quadrupling its fleet. Rapid expansion can create pressure on maintenance, financing and utilisation, making disciplined execution essential.

Bajaj Auto and Yulu’s Strategic Journey

Yulu’s journey has also been shaped by its partnership with Bajaj Auto, one of India’s major two-wheeler manufacturers. The relationship has helped Yulu develop purpose-built electric vehicles designed around Indian urban mobility and delivery requirements.

In 2023, Yulu and Bajaj Auto launched the Miracle GR and DeX GR, electric two-wheelers developed specifically for urban mobility and last-mile delivery. Bajaj said the vehicles were engineered around Indian consumers, road conditions and climate requirements.

Bajaj Auto’s latest annual report further highlights Yulu’s importance within the company’s electric mobility strategy. It stated that Yulu deployed approximately 48,000 electric two-wheelers during FY2026 and achieved EBITDA profitability during the year. Bajaj also reported that it had supplied nearly 30,000 low-speed electric two-wheelers to Yulu to date.

This strategic relationship gives Yulu access to manufacturing capabilities while allowing Bajaj to participate in the rapidly growing commercial EV ecosystem.

What Yulu’s $93 Million Funding Means

The significance of Yulu Raises $93 Million goes beyond the headline funding figure. It reflects a broader shift in how investors view India’s electric mobility opportunity.

For years, much of the EV conversation centred on consumer adoption, charging infrastructure and vehicle sales. Yulu’s model highlights another opportunity: electrifying the vehicles that spend the most time on the road.

Delivery riders, logistics workers and commercial mobility operators have high vehicle utilisation. Consequently, even relatively small savings in fuel and maintenance can become meaningful over thousands of kilometres.

The new funding also demonstrates investor confidence in Yulu’s business model. GEF Capital Partners led the $63 million equity component, while $30 million was raised through debt. Existing strategic investors Bajaj Auto and Magna International did not participate in the latest round.

For Yulu, the challenge now is straightforward but demanding: convert a larger fleet into stronger utilisation, higher revenue and sustainable profitability.

The Future of Electric Mobility in India

The future of electric mobility in India will not be defined by one company or one vehicle category. It will be shaped by a combination of consumer adoption, commercial demand, infrastructure, technology and economics.

Yulu’s latest expansion provides an early view of what that future could look like. A fleet of 200,000 electric vehicles would give the company a significantly larger role in India’s urban logistics network. Its planned move into higher-payload scooters could further expand its relevance across e-commerce, parcel delivery and bike-taxi applications.

The company’s journey also illustrates how Indian startups can adapt when market conditions change. Yulu began with shared urban mobility, found stronger demand among delivery workers and is now building a platform around commercial electric transportation.

The Yulu $93 million funding round therefore represents more than another startup investment. It marks a new phase in India’s EV story, where electric mobility is increasingly being driven by practical economics rather than aspiration alone.

If Yulu can successfully scale from 50,000 to 200,000 vehicles, expand into new cities, maintain operational profitability and build new commercial applications, it could emerge as one of the defining players in India’s next generation of urban mobility. Its next chapter will ultimately depend not on how much capital it has raised, but on how effectively it turns that capital into reliable, affordable and scalable electric transportation for India’s rapidly changing cities.

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