Yulu raises Rs 8.87 billion in Series C funding led by GEF Capital
Hyderabad, Aug 12 (TNT): Electric mobility-as-a-service platform Yulu has raised USD 93 million in its Series C funding round, comprising USD 63 million in equity led by GEF Capital Partners and USD 30 million in debt, the company said on Wednesday.
The funding, the largest in Yulu’s history, will be used to quadruple its active electric vehicle fleet to 200,000 units over the next two years, expand service hubs and deepen enterprise partnerships.
In a release, the company said it also plans to enter adjacent intra-city mobility segments with the launch of Yulu Express, a full-sized, high-payload electric scooter aimed at e-commerce logistics, bike taxis and express parcel delivery.
Yulu said its revenue grew seven-fold between FY2023 and FY2026 and that it has maintained positive EBITDA since April 2025.
The company said improved profitability and operating leverage are supporting its path towards a potential public market listing in the coming years.
The company operates across 12 primary metropolitan markets, including Bengaluru, Mumbai, Delhi-NCR and Hyderabad, besides eight franchise-operated regional markets.
Its fleet clocks about 2.5 million zero-emission kilometres and facilitates more than 750,000 doorstep deliveries every day, it said.
Yulu said it currently powers more than 15 per cent of quick-commerce deliveries across India’s four largest metropolitan centres.
Its operations also help gig workers increase net takeaway earnings by 30-40 per cent, while its fleet is estimated to avoid around two million kg of carbon dioxide emissions every month.
Yulu Co-founder and CEO Amit Gupta said the Series C funding would provide the company with additional capacity to scale its fleet and introduce high-capacity vehicle formats as it expands its presence in India’s urban hyper-local mobility market.
GEF Capital Partner Alipt Sharma said Yulu had built a differentiated platform with strong operational capabilities, disciplined capital allocation and a leadership position in urban electric mobility.
Founded in 2017 and headquartered in Bengaluru, Yulu operates a technology-enabled fleet of electric two-wheelers across major Indian metros. The company said its users have collectively travelled more than 2.2 billion km.
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