Yulu raises $93 million in equity, debt

Electric mobility firm Yulu has successfully secured $93 million in new funding, breaking down as $63 million in equity and $30 million in debt. The funds will be used to double its fleet and branch out into ecommerce logistics, bike taxis, and express parcel delivery services. The equity portion was spearheaded by GEF Capital Partners, while the specific names of other equity investors and lenders remain undisclosed. The startup has not revealed its updated valuation.

The Bajaj Auto-backed company plans to grow its active electric vehicle fleet to 200,000 over the next two years, enhance service hubs, and strengthen partnerships with enterprises. According to ET, Yulu was reportedly in discussions to raise $50 million from GEF Capital and One Planet Partners at an estimated valuation of $250 million, up from its previous range of $200-210 million. The company had been actively seeking capital after initially aiming for $75-80 million.

In addition to the funding, Yulu is set to launch Yulu Express, a high-payload electric scooter tailored for ecommerce logistics, bike taxis, and express parcel delivery. This expansion pushes Yulu beyond its current low-speed electric vehicles primarily rented to quick-commerce and food-delivery workers.

Yulu's CEO and co-founder, Amit Gupta, stated that the company was founded on the belief that hyperlocal mobility demands specialized vehicles, robust infrastructure, advanced technology integration, and tight unit economics.

Financially, Yulu's revenue surged sevenfold between fiscal years 23 and 26, and it has maintained a positive EBITDA since April 2025. The company reported that its operating revenue nearly doubled to Rs 237.4 crore in FY25, while its net loss declined by 12% to Rs 126 crore. The fleet grew from approximately 10,000 vehicles in 2022 to around 45,000 in 2025.

After the Covid-19 pandemic disrupted shared mobility, Yulu pivoted to serve delivery workers by rebuilding its business model around gig workers in short office commutes and expanding into food delivery and quick commerce. Yulu operates in 12 markets, including four primary markets and eight franchise-run markets. The fleet handles over 750,000 daily doorstep deliveries and powers more than 15% of quick-commerce deliveries in India’s four major cities.