Electric mobility startup Yulu has raised $93 million in fresh equity and debt funding as it prepares to quadruple its active electric vehicle fleet and expand into ecommerce logistics, bike taxis and express parcel delivery.
The funding includes $63 million in equity and $30 million in debt. The equity round was led by GEF Capital Partners. Yulu has not disclosed the names of its lenders and other equity investors. The company’s valuation was also not disclosed.
Yulu targets 200,000 electric vehicles
The Bajaj Auto-backed company plans to increase its active fleet to 200,000 electric vehicles over the next two years. It will also expand its service hubs and deepen partnerships with enterprise customers.
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Yulu has built its business around shared electric mobility and commercial delivery use cases. Its fleet had grown from around 10,000 vehicles in 2022 to about 45,000 vehicles in 2025. The new capital is expected to support a much faster expansion across vehicle deployment, maintenance infrastructure and technology.
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Yulu cofounder and chief executive Amit Gupta said the company was built on the belief that hyperlocal mobility requires purpose-built vehicles, suitable infrastructure, deep technology integration and disciplined unit economics.
Yulu Express to serve logistics and parcel delivery
The company is now moving beyond the low-speed electric vehicles commonly rented by quick-commerce and food-delivery workers. It has launched Yulu Express, a full-sized, high-payload electric scooter designed for ecommerce logistics, bike taxis and express parcel delivery.
The new vehicle is aimed at businesses that require higher carrying capacity and longer operating cycles. This could help Yulu serve a wider set of commercial mobility requirements as ecommerce and rapid delivery networks expand in Indian cities.
Yulu rebuilt its business around delivery workers after the Covid-19 pandemic. It launched the DeX vehicle for delivery use and works with platforms including Zomato, Swiggy, Blinkit and Zepto.
Revenue rises sevenfold, profitability improves
Yulu’s revenue increased sevenfold between FY23 and FY26. The company has been EBITDA positive since April 2025 and is working to improve profitability as it prepares for a potential initial public offering over the next few years.
Its operating revenue nearly doubled to Rs 237.4 crore in FY25. The net loss narrowed 12% to Rs 126 crore during the year. These financial trends indicate that the company is placing greater focus on fleet utilisation, operating efficiency and sustainable growth.
Yulu operates across 12 markets, including four primary markets and eight franchise-run markets. It handles more than 750,000 doorstep deliveries daily and powers over 15% of quick-commerce deliveries across India’s four largest metropolitan centres.
Partnerships support Yulu’s expansion
Yulu works with Bajaj Auto on vehicle manufacturing and with Magna International on its battery-swapping network. These partnerships are important for scaling commercial electric mobility, where vehicle uptime, charging access and maintenance capacity directly affect customer economics.
GEF Capital partner Alipt Sharma described Yulu’s platform, operational capabilities, capital allocation and market position as key strengths. The investment comes as interest in commercial electric vehicle fleets returns, although investors remain selective.
Before the latest round, Yulu had raised $135 million. Earlier reports said the company was in talks to raise $50 million from GEF Capital and One Planet Partners at a valuation of about $250 million, compared with an earlier valuation of $200-210 million. The final structure of the new funding round was different, with total capital reaching $93 million through equity and debt.
Commercial EV market sees fresh interest
The fundraise comes amid renewed but selective interest in commercial EV fleets. Bounce Infinity is seeking $20-25 million after raising $5 million from existing investors in March, while ET had reported in June that Baaz Bikes was seeking nearly $15 million. Investors are tracking fleet utilisation and access to debt as these asset-heavy businesses require substantial capital to expand.