Electric mobility-as-a-service platform Yulu has raised $93 million in its Series C funding round, comprising $63 million in equity led by GEF Capital Partners and $30 million in debt.
The latest fundraise, the largest in Yulu’s history, will help the company expand its electric vehicle fleet fourfold to 200,000 EVs within the next two years, while strengthening its presence in quick commerce, urban logistics and other hyperlocal mobility segments.
The company also plans to expand its service hubs and deepen partnerships with enterprise customers.
Yulu to enter new mobility segments
Yulu said it will enter adjacent intra-city mobility segments with the launch of Yulu Express, a full-sized, high-payload electric scooter designed for e-commerce logistics, bike taxis and express parcel delivery.
The company operates a vertically integrated EV ecosystem spanning purpose-built vehicles, proprietary technology and energy infrastructure, supported by partnerships with Bajaj Auto and Magna International.
Yulu, Co-founder & CEO, Amit Gupta, said the Series C funding validates the company’s business model, demand opportunity and execution capabilities.
“Securing this Series C capital is a validation of our business model, a massive headroom for demand, our execution capability, and the platform maturity we have built. As we scale our fleet fourfold over the next few quarters and launch high-capacity vehicle form factors, Yulu is positioned to remain the definitive backbone of India’s urban hyper-local mobility economy while transitioning seamlessly toward the public markets,” he said.
Revenue grows sevenfold
Yulu said its revenue expanded sevenfold between FY2023 and FY2026. The company has also maintained positive EBITDA since April 2025, citing improved unit economics and operating leverage.
The latest capital infusion is expected to support its path towards a potential public market listing in the coming years.
Yulu currently operates across 12 primary metros, including Bengaluru, Mumbai, Delhi-NCR and Hyderabad, besides eight franchise-operated regional markets.
Its fleet clocks around 2.5 million zero-emission kilometres daily and supports more than 750,000 doorstep deliveries every day.
The company claims to power more than 15% of quick-commerce deliveries across India’s top four metropolitan centres.
GEF Capital backs urban mobility play
GEF Capital Partners, Partner, Alipt Sharma, said Yulu has demonstrated that sustainable mobility can develop into a scalable business.
“Over the years, the company has built a differentiated platform with strong operational capabilities, disciplined capital allocation and clear market leadership in an increasingly important segment of urban transportation,” he said.
Sharma added that shared electric mobility is expected to become an integral part of urban infrastructure as Indian cities evolve, and said Yulu is well positioned to lead that transition.
Yulu said its platform also helps gig workers reduce operating costs, increasing net takeaway earnings by 30-40%, while its operations are estimated to avoid around 2 million kg of CO₂ emissions every month.