Electric mobility-as-a-service company Yulu has raised $93 million in a Series C funding round, marking its largest fundraise to date as the Bengaluru-based startup prepares for a major expansion of its electric vehicle fleet and last-mile mobility operations. The round includes $63 million in equity led by GEF Capital Partners and $30 million in debt, giving Yulu significant fresh capital to scale its operations across India’s rapidly growing electric mobility and delivery markets.
The funding comes as demand for electric two-wheelers continues to rise, particularly from quick-commerce, e-commerce and last-mile delivery companies. Yulu plans to use the capital to quadruple its EV fleet to around 200,000 vehicles over the next two years, while also expanding into new mobility and logistics services.
Yulu Raises $93 Million in Series C
Yulu’s latest funding round is structured as a combination of equity and debt.
- Total funding: $93 million
- Equity: $63 million
- Debt: $30 million
- Equity lead investor: GEF Capital Partners
- Company: Yulu
- Headquarters: Bengaluru
The company had previously raised $19.25 million from existing investors Magna and Bajaj Auto in February 2024. Before that, Yulu secured an $82 million Series B round in September 2022 and $3 million in debt financing in January 2022.
Funding Snapshot
| Particular | Details |
|---|---|
| Series | Series C |
| Total Raise | $93 million |
| Equity | $63 million |
| Debt | $30 million |
| Lead Investor | GEF Capital Partners |
| Key Use | EV fleet and business expansion |
Yulu Targets 200,000 Electric Vehicles
One of the biggest priorities for the fresh capital is fleet expansion.
Yulu currently operates a significantly smaller fleet, but plans to increase its number of electric vehicles to 200,000 within the next two years. The expansion will allow the company to serve more customers and support growing demand from commercial delivery operators.
The company is increasingly positioning its vehicles not only for passenger mobility but also for commercial applications where electric two-wheelers can reduce delivery costs.
Quick Commerce Drives EV Demand
India’s rapid expansion of quick-commerce services has created a major opportunity for electric mobility companies.
Platforms such as Blinkit, Zepto and Swiggy Instamart require large numbers of delivery riders to complete short-distance orders. Yulu’s electric two-wheelers can provide an economical transportation option for these riders, particularly in dense urban areas.
The startup is therefore targeting several growing segments:
- Quick-commerce deliveries
- E-commerce logistics
- Food delivery
- Bike taxis
- Express parcel delivery
- Shared urban mobility
The company plans to use its expanded fleet to enter additional logistics and transportation use cases.
Yulu Expands Beyond Shared Mobility
Yulu initially built its business around shared electric mobility, allowing consumers to rent electric two-wheelers for short urban journeys.
The company has since expanded into shared goods mobility, recognizing that commercial transportation can provide a larger and more predictable source of demand.
Its strategy now combines passenger and goods mobility, allowing the same broader EV ecosystem to serve multiple use cases.
Yulu’s Expansion Areas
| Segment | Opportunity |
|---|---|
| Shared Mobility | Short-distance urban transportation |
| Quick Commerce | Delivery of groceries and essentials |
| E-commerce | Last-mile parcel delivery |
| Bike Taxis | Affordable urban transportation |
| Express Delivery | Rapid parcel and document movement |
New Yulu Express Service
The company is also preparing to expand into faster parcel delivery through Yulu Express.
The service is expected to target businesses requiring short-distance, rapid deliveries and could allow Yulu to compete more directly in India’s growing logistics technology market.
The expansion reflects a broader shift in the EV industry, where electric two-wheelers are increasingly being deployed as commercial assets rather than simply consumer transportation products.
Bajaj Auto Remains a Key Partner
Yulu has maintained a strategic relationship with Bajaj Auto, which has invested in the company and manufactures its third-generation electric vehicles.
The partnership has allowed Yulu to combine its software and mobility platform with Bajaj’s vehicle manufacturing capabilities.
Yulu’s other major strategic relationship is with Magna International, with whom it operates the battery-swapping business Yuma Energy.
Battery swapping can help commercial riders reduce downtime because batteries can be exchanged quickly rather than waiting for vehicles to recharge.
Why the Funding Matters
The $93 million round comes at a critical point for India’s electric mobility industry.
Electric two-wheelers are becoming increasingly important for:
- Urban transportation
- Last-mile logistics
- Food delivery
- Quick-commerce fulfillment
- E-commerce distribution
For Yulu, increasing its fleet to 200,000 vehicles could significantly expand its addressable market while allowing the company to benefit from the growing demand for low-cost electric transportation.
The combination of equity and debt also gives the startup additional flexibility to fund both technology development and capital-intensive fleet expansion.
Looking Ahead
Yulu’s $93 million Series C round represents a major milestone for the electric mobility startup as it transitions from a shared urban mobility company into a broader electric logistics and transportation platform. With $63 million in equity led by GEF Capital Partners and $30 million in debt, the company has secured substantial capital to expand its fleet, enter new business segments and take advantage of India’s rapidly growing demand for electric last-mile transportation.
Looking ahead, Yulu’s ability to scale its fleet to 200,000 vehicles while maintaining strong utilization and unit economics will be critical. The company’s expansion into quick-commerce, e-commerce logistics, bike taxis and express deliveries could significantly increase its revenue opportunity, but will also require efficient fleet management, battery infrastructure and strong partnerships with businesses. If successful, Yulu could emerge as one of India’s largest electric mobility platforms serving both consumers and the rapidly expanding delivery economy.
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