Yulu Raises $93 Million in Series C to Scale Electric Mobility and Expand EV Fleet

Bengaluru-based electric mobility startup Yulu has raised $93 million in a Series C funding round, comprising $63 million in equity and $30 million in debt, as the company looks to accelerate the expansion of its electric vehicle fleet and strengthen its position in India’s rapidly growing shared and commercial electric mobility market.

The equity round was led by GEF Capital Partners, while the debt component will provide additional capital to support Yulu’s fleet expansion and operational growth. The fresh funding comes as the company prepares to significantly scale its presence across urban mobility, last-mile delivery and enterprise transportation.

Yulu plans to use the new capital to quadruple its active EV fleet to 200,000 vehicles over the next two years. The company will also expand its network of service hubs and deepen partnerships with enterprises, enabling more businesses to integrate electric mobility into their logistics and transportation operations.

A key part of Yulu’s expansion strategy is the upcoming launch of Yulu Express, a high-payload electric scooter designed specifically for commercial applications. The new vehicle is expected to target segments such as e-commerce logistics, bike taxis and express parcel delivery, where demand for cost-efficient and sustainable last-mile transportation continues to rise.

Yulu currently operates across 12 locations and eight franchise markets. According to the company, its electric vehicles account for more than 15% of quick-commerce deliveries across India’s top four metropolitan cities, highlighting the growing role of electric mobility in the country’s rapidly expanding on-demand delivery ecosystem.

The company has also reported strong financial momentum. Yulu’s revenue has grown sevenfold between FY23 and FY26, while the startup has remained EBITDA-positive since April 2025. The combination of revenue growth and operational profitability positions the company to pursue an aggressive expansion strategy while continuing to build a sustainable mobility business.

The latest funding round reflects growing investor interest in India’s electric mobility and EV infrastructure ecosystem. With urban populations expanding and e-commerce, quick-commerce and on-demand services driving demand for efficient last-mile transportation, electric two-wheelers are increasingly becoming an important component of modern logistics networks.

With its planned fleet expansion, new Yulu Express platform and growing enterprise partnerships, Yulu aims to build a larger and more integrated electric mobility ecosystem across India. The company’s next phase of growth will focus on increasing fleet availability, improving service infrastructure and enabling businesses to adopt cleaner and more efficient transportation solutions at scale.