Electric mobility-as-a-service (MaaS) startup Yulu announced on Wednesday that it has raised $93 million in its Series C funding round. The investment includes $63 million in equity led by climate-focused investor GEF Capital Partners, alongside $30 million in debt financing.
The Bengaluru-based company will use the fresh capital to quadruple its active fleet to 200,000 electric vehicles (EVs) over the next two years. This funding, the largest in Yulu's history, also marks its strategic entry into the heavy-payload logistics sector with the launch of a new vehicle model, setting the stage for a potential public market listing.
The Series C Funding Breakdown
Yulu has operated efficiently since its $82 million Series B round in 2022, backed by Magna International and Bajaj Auto. The new capital injection is structured to fuel rapid physical expansion.
Total Raised: $93 million
Equity: $63 million (led by GEF Capital Partners)
Debt: $30 million
Primary Goal: Expand the active fleet from roughly 50,000 to 200,000 EVs.
The Launch of 'Yulu Express'
A major component of this expansion is the introduction of Yulu Express. Moving beyond its traditional lightweight two-wheelers designed for short passenger commutes, Yulu Express is a full-sized, high-payload electric scooter built specifically for:
E-commerce logistics
Express parcel delivery
Bike taxi services
Industry reports indicate that approximately one-third of Yulu's planned 200,000-vehicle fleet will consist of this new, heavier-duty model, allowing the company to capture a larger share of the intra-city commercial logistics market.
Financial Performance and IPO Path
Yulu has demonstrated strict financial discipline over the last few years. The company's improved unit economics are actively paving the way for an Initial Public Offering (IPO).
| Financial Metric | Reported Performance |
| Revenue Growth | Expanded 7x from FY2023 to FY2026 |
| Profitability | Sustained positive EBITDA since April 2025 |
| Market Share | Powers >15% of all quick-commerce deliveries in India's top 4 metros |
Amit Gupta, Co-founder and CEO of Yulu, stated that securing the Series C capital is a validation of the company's business model and execution capability. He confirmed the platform is positioned to transition seamlessly toward the public markets in the coming years.
What This Means for the Quick-Commerce Industry
For gig workers and delivery partners, Yulu's expansion directly impacts take-home earnings. Because Yulu operates on a mobility-as-a-service model, delivery drivers can rent EVs without the burden of ownership, fuel, or battery maintenance costs. The company claims this lower operational overhead increases net earnings for gig workers by 30% to 40%.
For the broader e-commerce market—which relies heavily on hyper-local delivery a larger Yulu fleet provides a reliable, emission-free logistics backbone. Yulu currently facilitates over 750,000 doorstep deliveries daily, abating approximately 2 million kilograms of CO2 emissions each month.
What to Expect Next
Over the next 12 to 24 months, readers and industry watchers can expect Yulu to execute on three primary fronts:
Scale Geographic Reach: Expand operations beyond its current 12 primary metros (including Bengaluru, Mumbai, Delhi-NCR, and Hyderabad) to roughly 20 cities.
Deploy Yulu Express: Roll out the high-payload vehicles into the fleets of major logistics and e-commerce partners.
Prepare for Public Markets: Continue optimizing its EBITDA margins as it prepares for an IPO.
