Yulu raises $93 Mn Series C led by GEF Capital
Electric mobility platform Yulu has raised $93 million in Series C, splitting $63 million of equity led by GEF Capital Partners with $30 million of debt, to take its fleet from 50,000 vehicles to 200,000.
- Yulu raised $93 Mn in Series C, made up of $63 Mn in equity led by GEF Capital Partners and $30 Mn in debt. No valuation was disclosed.
- The fleet is around 50,000 electric vehicles today, with a target of 200,000 over the next two years and expansion to about 20 cities over the next year.
- Operating revenue nearly doubled to Rs 237.4 Cr in FY25 from Rs 120 Cr in FY24, and net loss narrowed 12% to Rs 126 Cr. Yulu says it has been EBITDA positive since April 2025.
- Yulu vehicles support more than 750,000 doorstep deliveries every day across 12 primary metros and 8 franchise operated regional markets.
Yulu has raised $93 million in a Series C round, made up of $63 million in equity led by GEF Capital Partners and $30 million in debt. The electric mobility as a service company did not disclose a valuation.
Yulu runs shared electric two wheelers for urban commuting and last mile delivery. Its fleet is around 50,000 vehicles, spread across 12 primary metros and eight franchise operated regional markets. The company says those vehicles support more than 750,000 doorstep deliveries every day. It plans to take the fleet to 200,000 electric vehicles over the next two years and to reach about 20 cities over the next year.
On financials, operating revenue nearly doubled to Rs 237.4 crore in FY25 from Rs 120 crore in FY24, and net loss narrowed 12% to Rs 126 crore. Yulu says it has been EBITDA positive since April 2025 and that revenue grew sevenfold between FY23 and FY26, though FY26 figures were not disclosed. Earlier funding includes $19.25 million from Magna and Bajaj Auto in February 2024, an $82 million Series B in September 2022 and $3 million of debt in January 2022. Part of the new capital goes towards preparing for a potential public listing.
The delivery figure is the one that matters to brands. Quadrupling the fleet from 50,000 to 200,000 is a change in last mile supply, and last mile supply is what actually sets slot availability and cost per order for quick commerce and D2C alike. Rider owned petrol two wheelers have been the binding constraint in most cities. A leased electric fleet shifts that cost from a variable the rider absorbs to a fixed one the platform manages, which is why delivery partners keep pushing riders onto it.
Watch the split between commute rentals and delivery fleet as the numbers scale. If delivery keeps taking share, Yulu stops being a mobility story and becomes a supply input your logistics partners price against, plus a genuine option for brands running their own hyperlocal delivery in the same 20 cities.
Zane’s analysis draws on original reporting by Entrackr. Read the original report.