Funding · Mobility & Logistics

Yulu raises $93 million in Series C round

By Startup Enthusiast · 11 August 2026

What they do

Yulu runs an electric mobility platform with 50,000 two-wheelers for deliveries and commutes

It raised $93 million ($63 million equity plus $30 million debt) led by GEF Capital Partners

The company plans to quadruple its fleet to 200,000 EVs and pursue an IPO after profitability

Yulu raised $93 million in a Series C round, the largest capital raise in its history.
The round includes $63 million in equity led by GEF Capital Partners and $30 million in debt.
Other equity investors and lenders were not disclosed.
The company's valuation was not disclosed; earlier talks valued it at around $250 million.
Yulu plans to quadruple its active fleet to 200,000 electric vehicles within two years.
It aims to expand to ~20 cities in the next 12 months, from its current 20 regions.
The company targets monthly PAT profitability within the next calendar year and then an IPO.
Yulu's operating revenue nearly doubled to ₹237 crore in FY25, and its net loss fell ~12% to ₹126 crore.

Yulu rebuilt its business around delivery workers after Covid-19 disrupted shared mobility.
It now handles >750,000 daily doorstep deliveries and accounts for >15% of quick-commerce deliveries in top metros.
The company has been EBITDA positive since April 2025, showing improved unit economics.
Competitors like Bounce Infinity and Baaz Bikes are also seeking funding, indicating a hot sector.

Yulu is an electric mobility-as-a-service (MaaS) platform based in Bengaluru, founded in 2017.
It operates a fleet of ~50,000 electric two-wheelers across 12 primary metros and 8 franchise-operated regions.
Its products include the Yulu Wynn (consumer app-based scooter with battery subscription) and Yulu DeX (delivery vehicle).
It recently launched Yulu Express, a full-sized high-payload e-scooter for e-commerce logistics and bike taxis.
Yulu partners with Bajaj Auto for vehicle manufacturing and Magna International for battery swapping via Yuma.
Enterprise partners include Zomato, Swiggy, Blinkit, and Zepto for last-mile deliveries.
The company reports >2.2 billion total user km, 2.5 million daily zero-emission km, and ~2 million kg CO2 avoided per month.
It operates a franchise model for local entrepreneurs to run Yulu operations in smaller cities.

GEF Capital Partners (lead) — A climate-focused private equity firm; partner Alipt Sharma commented on Yulu's platform.

Product: Fleet of low-speed electric scooters for shared mobility and last-mile delivery with planned full-size electric scooters (Yulu Express)
Customers: Individual commuters, e-commerce logistics companies and delivery platforms requiring last-mile transport
How it makes money: B2C mobility-as-a-service with per-ride charges and B2B delivery fleet operations for e-commerce logistics
What sets it apart: Technology-enabled fleet operations with 750,000+ daily deliveries powered by AI routing and optimization
Operations: Network of service hubs and hub-and-spoke model for e-scooter distribution and maintenance across cities