Electric mobility-as-a-service (MaaS) startup Yulu has raised $93 million in a Series C funding round.
The total includes equity of $63 million, led by GEF Capital Partners, with the remaining $30 million raised via debt.
According to Yulu, this is its largest funding round and it will use the capital to quadruple its active fleet to 200,000 electric vehicles (EVs) in the next two years, expand service hubs, and deepen strategic enterprise partnerships.
Further, Yulu also plans to enter adjacent intra-city mobility verticals with the launch of Yulu Express which is a full-sized, high-payload electric scooter built for ecommerce logistics, bike taxis, and express parcel delivery.
“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.
