Yulu Bags $93 Mn To Scale EV Fleet, Enter Full-Size Electric Scooter Segment

Electric mobility startup Yulu has secured $93 million in its Series C funding round, led by GEF Capital Partners. The additional capital will be used to expand its fleet of electric vehicles (EVs) and enter the full-size electric scooter market. The Bengaluru-based company plans to quadruple its active fleet to 2 lakh EVs within the next two years.

Yulu will also expand its service hub network and deepen partnerships with enterprise clients. The company aims to launch Yulu Express, a high-payload electric scooter designed for e-commerce logistics, bike taxis, and express parcel delivery. This new offering will mark Yulu's expansion beyond its low-speed electric scooters, which are used for shared mobility and last-mile delivery operations.

The startup, founded in 2017, currently operates in 12 major metros and eight franchise-operated regional markets. Yulu began as a provider of low-speed electric scooters for urban commuting and delivery, but shifted focus towards delivery workers during the COVID-19 pandemic. Subscribers can rent Yulu's electric scooters through weekly or monthly subscription plans, covering between 400 and 3,600 kilometers, and pay between ₹1,200 and ₹7,300 per subscription.

The company claims its fleet collectively covers 2.5 million kilometers and facilitates over 750,000 doorstep deliveries daily. With this latest funding, Yulu has raised more than $228 million since its inception.