Yulu, an India-based electric mobility platform, has raised US$93 million in Series C funding to accelerate the expansion of its electric vehicle operations. The funding round comprises US$63 million in equity led by GEF Capital Partners and US$30 million in debt. The company plans to use the fresh capital to scale its active EV fleet fourfold to 200,000 vehicles within the next two years and expand into new hyperlocal mobility segments.
The newly raised funds will support Yulu’s fleet expansion, service hub development and deeper strategic partnerships with enterprise customers. The company operates as a vertically integrated electric mobility ecosystem covering purpose-built EV hardware, proprietary technology and energy infrastructure. Its growth has also been supported by strategic partnerships with Bajaj Auto and Magna International, strengthening its capabilities across electric mobility and urban logistics.
Yulu is also expanding into additional intra-city mobility applications with the launch of Yulu Express. The new full-sized, high-payload electric scooter has been developed for use cases including e-commerce logistics, bike taxis and express parcel delivery. Through this expansion, the company aims to address a wider range of urban transportation and last-mile delivery requirements as demand for electric mobility continues to increase.
The company has reported strong financial and operational performance since its Series B funding round in 2022. Yulu’s revenue increased sevenfold between FY2023 and FY2026, while the company has maintained positive EBITDA since April 2025. Yulu said its improved profitability, operating leverage and growth provide a foundation for its longer-term plans to become ready for the public markets.
Yulu currently operates across 12 primary metropolitan markets, including Bengaluru, Mumbai, Delhi-NCR and Hyderabad, along with eight franchise-operated regional markets. Its fleet records around 2.5 million zero-emission kilometres every day and supports more than 750,000 doorstep deliveries daily. The company also powers more than 15% of quick-commerce deliveries across India’s top four metropolitan centres, while its EV operations help gig workers increase their net takeaway earnings by around 30–40%.
Yulu’s expansion also carries an environmental impact, with the company reporting that its operations avoid approximately 2 million kilograms of CO₂ emissions every month. With the latest Series C funding, Yulu plans to significantly increase its EV fleet, expand infrastructure and introduce new high-capacity electric vehicles for urban mobility and logistics. The company’s strategy reflects its broader focus on building scalable electric mobility solutions for India’s growing hyperlocal transportation and delivery ecosystem.
