Yulu Raises $93M Series C to Quadruple Electric Fleet and Prepare for Potential IPO
Indian electric mobility startup Yulu has raised $93 million in Series C funding as it accelerates fleet expansion, strengthens its service infrastructure and prepares for a potential stock market listing in the coming years.
The financing comprises $63 million in equity led by GEF Capital Partners and $30 million in debt. Yulu plans to deploy the new capital across its electric vehicle fleet, service infrastructure and business partnerships as demand for hyperlocal delivery and intra-city mobility continues to grow.
Over the next two years, the Bengaluru-based company aims to quadruple its active fleet to 200,000 electric vehicles. It also plans to expand its service hubs and deepen partnerships with businesses that rely on electric two-wheelers for deliveries and urban transportation.
Expanding Beyond Shared Electric Mobility
Yulu operates shared electric two-wheelers designed for short-distance mobility and hyperlocal delivery services. The company directly operates across Bengaluru, Mumbai, Delhi-NCR and Hyderabad, while franchise partners extend its services to eight additional regional markets.
The startup said its fleet currently covers around 2.5 million zero-emission kilometres and supports more than 750,000 doorstep deliveries every day. Yulu also claims that its vehicles handle more than 15% of quick-commerce deliveries across India’s four main metropolitan markets.
The company is now expanding into additional intra-city transportation categories through Yulu Express, a full-sized electric scooter designed to carry heavier loads.
The new vehicle is being positioned for e-commerce logistics, bike taxis and express parcel delivery, allowing Yulu to broaden its reach beyond shared mobility and hyperlocal delivery operations.
Yulu’s platform combines purpose-built electric vehicles with fleet-management technology and battery-swapping infrastructure provided through Yuma Energy, its joint venture with automotive supplier Magna International.
Scaling the Fleet Ahead of a Potential IPO
Amit Gupta, Co-founder and CEO of Yulu, said the Series C financing reflects investor confidence in Yulu’s business model, demand potential, execution and the maturity of its platform.
As the company expands, Gupta said Yulu intends to introduce higher-capacity vehicles while gradually moving toward the public markets.
Yulu expects improvements in profitability and operating leverage to support preparations for a potential listing over the next few years. The startup has not disclosed a specific timeline for an IPO.
Founded in 2017 by Amit Gupta, Naveen Dachuri and RK Misra, Yulu has built its business around electric mobility for urban transportation and last-mile commerce. Anuj Tewari, previously the company’s chief financial officer, was formally named a co-founder in November 2023 and joined the existing founding team.
Building on Previous Funding
The Series C follows several equity and debt financings that have supported Yulu’s expansion.
In February 2024, the startup raised $19.25 million, or approximately Rs160 crore, from existing investors Magna and Bajaj Auto. The investment followed an $82 million Series B equity round led by Magna in September 2022.
Yulu also secured a $9 million loan from the US International Development Finance Corporation in November 2022.
In January 2024, the company raised another Rs25 crore, approximately $3 million at the time, in debt from Northern Arc Capital through non-convertible debentures.
With its latest financing, Yulu is shifting toward a substantially larger electric fleet while broadening the types of vehicles available through its platform. The next phase will focus on scaling operations and improving financial performance to support the company’s longer-term public-market ambitions.
