E-commerce accounts for about half of Yulu’s revenue, with quick commerce, food commerce and other quick-service deliveries forming its top three usage categories.
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Electric mobility start-up Yulu has raised $93 million in its Series C round, comprising $63 million in equity led by GEF Capital Partners and $30 million in debt, as it looks to quadruple its active fleet to 200,000 electric vehicles over the next two years.The company, which has been EBITDA-positive since April 2025, will deploy the fresh capital primarily towards fleet expansion and infrastructure, said Amit Gupta, co-founder and CEO, Yulu.“100 per cent of this is around capex,” Gupta said, adding that the company is operationally profitable and does not require significant customer acquisition spending. “Our CAC is zero. There is nothing except for buying the bike. That is the only upfront money. We monetise it over four years.”Scaling upYulu currently operates across 12 cities and plans to expand to 20 cities, while deepening its presence in existing markets such as Mumbai, Delhi and Bengaluru.“We can quadruple our numbers in terms of the fleet count over next two years,” Gupta said. The company expects the expansion to help increase revenue nearly fourfold or more during the period.E-commerce accounts for about half of Yulu’s revenue, with quick commerce, food commerce and other quick-service deliveries forming its top three usage categories. The company says its vehicles are particularly suited for high-density, sub-two-kilometre deliveries.Gupta said the company sees a much larger opportunity in serving India’s growing gig workforce. “Yulu will become the de facto mobility provider to the gig worker, whether they have a bike or not,” he said.The company currently facilitates more than 750,000 doorstep deliveries daily and clocks 2.5 million zero-emission kilometres.Yulu also plans to scale Yulu Express, a higher-payload electric scooter for e-commerce logistics, bike taxis and express parcel delivery. The company has already been operating about 500 such vehicles in Bengaluru for the past three to four quarters.“While fleet deployment is central to the expansion, infrastructure remains a key execution challenge. It’s actually our ability to add infrastructure,” Gupta said, pointing to difficulties around securing suitable real estate, power connections and certifications.Going publicYulu is also preparing for a potential public listing. Gupta said positive EBITDA is “non-negotiable” for an IPO and the company is targeting at least ₹1,200-1,500 crore in top line, with a corresponding bottom line.The company is also open to international expansion through operational partners, rather than setting up its own operations in Southeast Asia.“We think we have actually got some really legitimate moat, which money cannot buy,” Gupta said.Published on August 12, 2026
