EV mobility service startup Yulu raises $93M led by GEF Capital
Yulu will use this funding round to increase its fleet capacity to 2 lakh electric vehicles and expand service hubs.
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.
Yulu raised $82 million in Series B in 2022 and has since seen its revenue expand 7x from FY23 to FY26 while maintaining positive EBITDA since April 2025. It further noted this performance gives it the path towards an initial public offering (IPO).
Yulu provides service across 12 locations, including metros such as Bengaluru, Mumbai, Delhi-NCR, and Hyderabad along with eight franchise-operated regional markets.
The company claimed that it covers more than 15% of all quick-commerce deliveries across India’s top four metropolitan centres and further noted that as it enables lower operational overhead for the gig workers, there is a 30-40% increase in their net earnings.
"Securing this Series C capital is a validation of our business model, a massive headroom for demand, our execution capability, and the platform maturity we have built,” Gupta noted.
Yulu also has partnerships with Bajaj Auto and Magna International, who are also investors.
On its investment into Yulu, GEF Capital Partner Alipt Sharma said, “Over the years, the company has built a differentiated platform with strong operational capabilities, disciplined capital allocation and clear market leadership in an increasingly important segment of urban transportation. As India's cities continue to evolve, we believe shared electric mobility will become an integral part of urban infrastructure, and Yulu is exceptionally well positioned to lead that transition.”