Yulu raises $93 Million in Series C Round led by GEF Capital
B2B News | Indian electric mobility company Yulu has closed a Series C funding round worth $93 million, combining $63 million in equity led by GEF Capital Partners with $30 million in debt. It is the largest capital raise in the company’s history.
Fleet expansion and new vehicle line
Yulu plans to use the funds to quadruple its active fleet to 200,000 electric vehicles within two years, expand its network of service hubs, and grow enterprise partnerships. The company builds its vehicles and technology in-house, working with Bajaj Auto and Magna International as strategic partners on hardware and infrastructure.
Alongside the fleet expansion, Yulu will launch Yulu Express, a full-sized, high-payload electric scooter aimed at e-commerce logistics, bike taxis, and express parcel delivery – a move into new mobility segments beyond its existing shared-scooter business.
“Yulu was built on the conviction that hyper-local mobility requires purpose-built vehicles along with suitable infrastructure, deep technology integration, and uncompromising unit economics,” said Amit Gupta, Co-founder & CEO of Yulu. “Securing this Series C capital is a validation of our business model, a massive headroom for demand, our execution capability, and the platform maturity we have built. As we scale our fleet fourfold over next few quarters and launch high-capacity vehicle form factors, Yulu is positioned to remain the definitive backbone of India’s urban hyper-local mobility economy while transitioning seamlessly toward the public markets.”
Financial position
Yulu reports that revenue grew sevenfold between FY2023 and FY2026, and the company has held positive EBITDA since April 2025. Leadership has pointed to an eventual public listing as the company continues to scale.
“Yulu has demonstrated that sustainable mobility can also be a compelling and scalable business,” said Alipt Sharma, Partner at GEF Capital. “Over the years, the company has built a differentiated platform with strong operational capabilities, disciplined capital allocation and clear market leadership in an increasingly important segment of urban transportation. As India’s cities continue to evolve, we believe shared electric mobility will become an integral part of urban infrastructure, and Yulu is exceptionally well positioned to lead that transition.
We are delighted to partner with Yulu’s leadership team at this exciting stage of the company’s journey. This investment reflects our high conviction that Yulu is building one of India’s defining urban mobility companies and the significant opportunity that lies ahead as the company scales its platform across new markets and use cases.”
Operations and market position
Yulu operates in 12 primary Indian metros, including Bengaluru, Mumbai, Delhi-NCR, and Hyderabad, plus eight additional franchise-run regional markets. According to the company, its fleet covers 2.5 million zero-emission kilometres and supports more than 750,000 deliveries daily, accounting for over 15% of quick-commerce deliveries across India’s four largest cities.
Yulu also states that its platform increases gig workers’ net earnings by 30-40% by lowering their operational costs, and that it abates roughly 2 million kilograms of CO2 emissions per month.
Background
Founded in 2017 and headquartered in Bengaluru, Yulu operates as an electric mobility-as-a-service platform across several major Indian cities. The company says its users have collectively covered more than 2.2 billion kilometres on its vehicles since launch. This Series C round follows a Series B raise in 2022.