Electric mobility startup Yulu raises $93 million in equity, debt to expand EV fleet

Electric mobility startup Yulu has raised $93 million in fresh funding, comprising $63 million in equity and $30 million in debt, to “quadruple” its fleet and expand into ecommerce logistics, bike taxis and express parcel delivery.

The equity funding component was led by GEF Capital Partners. Yulu did not name any other equity investors in the round or the lenders. The startup also did not disclose its valuation.

The Bajaj Auto-backed company said it will increase its active fleet to 200,000 electric vehicles over the next two years, expand service hubs and deepen partnerships with enterprises.


ET exclusively reported on Tuesday that Yulu was in talks to raise $50 million from GEF Capital and One Planet Partners at a valuation of about $250 million, up from $200-210 million previously. Yulu had spent more than a year seeking funds after initially targeting $75-80 million.

Escooter launch ahead

The company said it will also launch Yulu Express, a full-sized, high-payload electric scooter designed for ecommerce logistics, bike taxis and express parcel delivery.

The expansion will take Yulu beyond the low-speed electric vehicles it rents out, mainly to quick-commerce and food-delivery workers.

“Yulu was built on the conviction that hyperlocal mobility requires purpose-built vehicles, suitable infrastructure, deep technology integration and uncompromising unit economics,” cofounder and chief executive Amit Gupta said.

Financials

The startup said its revenue increased sevenfold between FY23 and FY26 and that it has remained earnings before interest, tax, depreciation and amortisation (Ebitda) positive since April 2025. The company said improving profitability and operating leverage would support its preparations for a stock market listing over the next few years.

Yuli’s FY25 operating revenue nearly doubled to Rs 237.4 crore, while its net loss narrowed 12% to Rs 126 crore. The fleet increased from around 10,000 vehicles in 2022 to about 45,000 in 2025.

The company rebuilt its business around delivery workers after Covid-19 disrupted shared mobility. Its vehicles had primarily served short office commutes, but the work-from-home shift reduced utilisation and led to a cash crunch. The company retained its rental model and shifted towards gig workers as food delivery and quick commerce expanded.

Yulu launched DeX, a vehicle designed for delivery use, and partnered with Zomato, Swiggy, Blinkit and Zepto. To clarify, Yulu operates across 12 markets overall, comprising 4 primary markets and 8 franchise-run markets.

The fleet facilitates more than 750,000 doorstep deliveries daily and powers over 15% of quick-commerce deliveries across India’s four largest metropolitan centres, Yulu claimed.

“The company has built a differentiated platform with strong operational capabilities, disciplined capital allocation and clear market leadership,” said Alipt Sharma, partner at GEF Capital.

Renewed investor interest

Yulu works with Bajaj Auto on vehicle manufacturing and with Magna International on its battery-swapping network. Before the latest round, it had raised $135 million from investors.

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.

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.