Electric mobility startup Yulu raises $93 million in equity, debt to expand EV fleet
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. It did not disclose the lenders, its valuation or name any other equity investors in the round.
Indian electric mobility startup Yulu has secured $93 million in funding to expand its electric vehicle (EV) fleet and enter new markets. The financing, consisting of $63 million in equity and $30 million in debt, was led by GEF Capital Partners. The startup did not disclose its valuation or other investors in the round. Yulu plans to quadruple its fleet to 200,000 electric vehicles within two years, expand into ecommerce logistics, bike taxis, and express parcel delivery.
The company's CEO, Amit Gupta, emphasized Yulu's focus on hyperlocal mobility, purpose-built vehicles, deep technology integration, and unit economics. Yulu's revenue increased sevenfold from FY23 to FY26, and it has remained EBITDA positive since April 2025. Its fleet grew from around 10,000 vehicles in 2022 to approximately 45,000 in 2025, with daily deliveries exceeding 750,000 across India's four largest metropolitan areas.
Yulu's expansion into ecommerce logistics will see the launch of Yulu Express, a full-sized, high-payload electric scooter. The company's fleet of electric vehicles caters to short office commutes, gig workers in food delivery and quick commerce, and now extends to ecommerce logistics and parcel delivery. Yulu collaborates with Bajaj Auto for vehicle manufacturing and Magna International for its battery-swapping network.
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