Yulu Raises $93 Million in Series C Funding to Quadruple EV Fleet

Yulu, India’s leading electric mobility-as-a-service (MaaS) platform, today announced the successful completion of its Series C funding round, raising $93 million through a combination of $63 million in equity led by GEF Capital Partners and $30 million in debt. The raise, the largest in the company’s history, consolidates Yulu’s leadership in the quick-delivery and hyper-local service segments while funding its next phase of enterprise growth.

Yulu operates a vertically integrated EV ecosystem spanning purpose-built hardware, proprietary technology, and expansive energy infrastructure, supported by strategic partnerships with Bajaj Auto Ltd and Magna International Inc. The company said it is well positioned to capture rising demand for sustainable urban logistics. Proceeds from the round will be used to quadruple Yulu’s active fleet to 200,000 EVs within two years, expand service hubs, and deepen enterprise partnerships. Yulu will also enter adjacent intra-city mobility verticals with the launch of Yulu Express, a full-sized, high-payload electric scooter built for e-commerce logistics, bike taxis, and express parcel delivery.

Since its Series B round in 2022, Yulu has scaled under strong financial discipline, favourable regulatory tailwinds, and localised tech innovation. Revenue expanded seven-fold from FY2023 to FY2026, and the company has sustained positive EBITDA since April 2025, with resilient unit economics supporting its path towards an eventual public listing.

Yulu’s operations span 12 primary metros, including Bengaluru, Mumbai, Delhi-NCR, and Hyderabad, along with eight franchise-operated regional markets. Its fleet logs 2.5 million zero-emission kilometres and facilitates over 750,000 doorstep deliveries daily, powering more than 15% of all quick-commerce deliveries across India’s top four metropolitan centres. The company said its model also lowers operational overhead for gig workers, increasing their net takeaway earnings by 30-40%, while abating approximately 2 million kilogrammes of CO2 emissions monthly.

Mr. Amit Gupta, Co-founder & CEO of Yulu, said the company was built on the conviction that hyper-local mobility requires purpose-built vehicles, suitable infrastructure, deep technology integration, and strong unit economics. He said the Series C round validates Yulu’s business model, execution capability, and platform maturity, adding that as the company scales its fleet fourfold and launches new vehicle form factors, it aims to remain the backbone of India’s urban hyper-local mobility economy while moving towards the public markets.

Mr. Alipt Sharma, Partner at GEF Capital, said Yulu has shown that sustainable mobility can be a compelling and scalable business, citing its differentiated platform, strong operational capabilities, disciplined capital allocation, and clear market leadership. He said GEF Capital is confident that shared electric mobility will become integral to urban infrastructure as Indian cities evolve, and that Yulu is well placed to lead that transition. He added that the firm is pleased to partner with Yulu’s leadership at this stage of the company’s journey, reflecting strong conviction in its potential as one of India’s defining urban mobility companies.