Yulu Raises $93 Million to Quadruple EV Fleet, Launch Yulu Express, and Target Net Profitability

Bengaluru-based electric mobility startup Yulu has raised $93 million in its Series C funding round, the largest capital raise in the company's history, as it rides India's quick-commerce boom to scale its electric vehicle fleet and move closer to profitability. The round, announced in August 2026, was led by climate-focused investor GEF Capital Partners and includes a mix of equity and debt financing that will fund a fourfold fleet expansion, the launch of a new high-payload scooter called Yulu Express, and preparations for an eventual public listing.

The Series C Round: $93 Million in Equity and Debt

The Series C round consists of $63 million in equity led by GEF Capital Partners and $30 million in debt . About $5.5 million of the equity component was used in a secondary transaction to buy shares from seed investors whose funds were nearing the end of their term . The funds will be deployed toward fleet expansion, service hub growth, deeper enterprise partnerships, and new product launches .

Yulu CEO and co-founder Amit Gupta described the raise as primarily a capital-expenditure play, telling The Hindu Business Line, "100 per cent of this is around capex," noting that the company is operationally profitable and does not require significant customer-acquisition funding .

Business Model: Mobility-as-a-Service for the Gig Economy

Yulu operates a Mobility-as-a-Service (MaaS) model, offering electric two-wheelers on weekly subscription plans so that delivery drivers can enter the gig economy without purchasing their own vehicles . The platform currently powers more than 750,000 deliveries per day and logs approximately 1.6 million zero-emission miles each week . Its active fleet stands at roughly 50,000 vehicles, with Bajaj Auto as a key strategic investor and manufacturing partner .

Yulu Express: A New High-Payload Electric Scooter

A centerpiece of Yulu's expansion is the launch of Yulu Express, a full-size, high-payload electric scooter designed for e-commerce logistics, bike taxis, and express parcel delivery . The vehicle was first previewed in early 2025, with a top speed of 45 km/h and a range of 140–150 km, featuring a swappable lithium-ion battery . This new model moves Yulu beyond its existing small-format rental bikes into heavier intra-city logistics and last-mile delivery, directly targeting the quick-commerce boom .

Fleet Expansion: From 50,000 to 200,000 EVs

Yulu plans to quadruple its active fleet from approximately 50,000 to 200,000 electric vehicles within two years . The company will also expand geographically from its current 12 cities to around 20 cities within the next 12 months, using both company-run and franchise models . In Bengaluru alone, Yulu targets a fleet of 30,000–35,000 vehicles by FY27 .

Financial Trajectory: Revenue Surge, EBITDA Positive, and the Path to Net Profit

Yulu's financials show strong top-line growth coupled with narrowing losses. The company's operating revenue jumped 98% year-on-year to ₹237.4 crore in FY25, up from ₹120 crore in FY24 . Rental income from electric vehicles formed the largest share, contributing about ₹201 crore, or roughly 85% of operating revenue .

Net loss for FY25 stood at ₹126 crore, a 12% reduction from ₹142.8 crore in FY24 . The company's EBITDA margin improved significantly from –80.11% in FY24 to –15.29% in FY25, and Yulu has been EBITDA-positive since April 2025 . CEO Amit Gupta has stated that the company aims to achieve net profitability in FY27 and reach profit-after-tax on a month-to-month basis before pursuing a public listing .

Market Strategy: Riding the Quick-Commerce Wave Toward an IPO

India's quick-commerce platforms — delivering everything from groceries to smartphones in minutes — have created massive demand for reliable, low-cost electric delivery vehicles. Yulu is positioning itself as the dedicated EV fleet provider to these platforms, with the new Yulu Express scooter explicitly designed for this segment's logistics needs . The company reported a sevenfold revenue increase between FY23 and FY26 and commanded an average fleet share of over 35% at dark stores in its operational areas by end-2025 .

Yulu's improving profitability and operating leverage are expected to support preparations for a public market listing, with Gupta noting that the company wants to demonstrate consistent profitability before going public .