EV mobility service startup Yulu raises $93M led by GEF Capital
Yulu will use this funding round to increase its fleet capacity to 2 lakh electric vehicles and expand service hubs.
Electric mobility-as-a-service startup Yulu has secured $93 million in a Series C funding round, led by GEF Capital Partners. This marks Yulu's largest funding round to date and will be used to quadruple its active fleet of electric vehicles (EVs) to 200,000 within the next two years. The startup plans to expand service hubs and deepen strategic enterprise partnerships.
Yulu also aims to enter adjacent intra-city mobility verticals with the launch of Yulu Express, a high-payload electric scooter designed for ecommerce logistics, bike taxis, and express parcel delivery.
Co-founder and CEO Amit Gupta stated that Yulu was built on the conviction that hyper-local mobility requires purpose-built vehicles, suitable infrastructure, deep technology integration, and unit economics. Since its inception, Yulu has seen its revenue expand sevenfold from FY23 to FY26 while maintaining positive EBITDA since April 2025, positioning the company for an initial public offering (IPO).
The company currently operates in 12 locations, including major metros such as Bengaluru, Mumbai, Delhi-NCR, and Hyderabad, as well as eight franchise-operated regional markets. Yulu claims to cover over 15% of all quick-commerce deliveries across India's top four metropolitan centers, enabling a 30-40% increase in net earnings for gig workers due to lower operational overhead.
The successful funding round is seen as validation of Yulu's business model, with ample headroom for demand and a mature platform. Gupta emphasized that the capital will allow Yulu to expand its fleet, enhance service offerings, and solidify its position as a leader in urban transportation. GEF Capital Partner Alipt Sharma expressed confidence in Yulu's differentiated platform, disciplined capital allocation, and clear market leadership.
As India's cities continue to evolve, Sharma believes that shared electric mobility will become integral to urban infrastructure, and Yulu is well-positioned to lead this transition.
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