Yulu has raised $93 million in a Series C funding round. This new equity capital injection consists of $63 million of equity financing led by GEF Capital Partners, supplemented by $30 million of debt financing. This new funding will be used by the company to quickly expand operations over the next few years.

Over the next few years, Yulu plans to expand its active fleet to 200,000 EVs using this capital. The capital will also be invested in the growth of the fleet, the inclusion of new urban mobility use cases, and the extended preparations for a public market listing.

Financial milestones

Prior to this Series C investment worth $93 million, Yulu raised funds at various stages of funding to back up its operational strategy. In addition to the firm’s successful fundraising events, there have been significant changes in terms of the financial performance of Yulu. The firm almost doubled its revenues to ₹237.4 crore in FY25 from ₹120 crore in FY24. The net loss of the company reduced by 12% to ₹126 crore. According to the company, its EBITDA became positive starting from April 2025 while its revenue increased 7-fold in FY23-FY26.

Operational scale and strategic product diversification

Yulu was established in 2017 by Amit Gupta, RK Misra, Naveen Dachuri, and Hemant Gupta with a fleet of tech-driven electric 2-wheel vehicles for general mobility and last-mile delivery service. The platform currently has approximately 50,000 vehicles and serves 12 main metros and 8 franchise-based regional markets. 

The company has announced a plan to increase business presence to about 20 cities in another year. Yulu claims its fleet produces 2.5 million zero-emission kilometres each day in terms of operational output. 

It has vehicles that help with over 750,000 deliveries at people’s doorsteps every day. In the commercial category, the platform’s backbone infrastructure contributes to over 15% of all quick commerce deliveries in the top 4 metros in India, as per the company’s metrics.

To expand its urban transport footprint, Yulu plans to venture into the neighbouring intra-city mobility space by launching a new product called Yulu Express. The Yulu Express comes with a target that’s basically a large-scale, high-load electric bicycle purpose-built for eCommerce logistics, bike taxis, and express parcel shipping demands. As the business aims at achieving its target of 200,000 vehicles, about 1/3rd of the target number is estimated to comprise the latest Yulu Express models.

Mobility as a service includes a range of transport services such as last-mile delivery, employee transportation, urban commute, electric vehicle (EV) rentals, and commercial fleets. Start-ups within the sector utilize software integration, fleet management solutions, and specific charging infrastructure to maximize vehicle utilization and reduce costs.

Conclusion

Yulu’s $93 million Series C investment led by GEF Capital Partners represents an important milestone for the mobility operator. With $63 million raised through equity financing and $30 million in debt financing, the company has the resources to scale up from an active fleet of 50,000 to 200,000 within 2 years with specialized services such as Yulu Express for payload logistics.

With positive financial performance metrics that include EBITDA since April 2025, 7x revenue growth between FY23-FY26, and lower net losses, Yulu continues to establish itself in the growing market of mobility-as-a-service in India while preparing for its eventual public market listing.