Yulu Raises $93 Million in Series C to Quadruple EV Fleet and Conquer Urban Logistics Market
Electric mobility provider Yulu has secured $93 million in a significant Series C funding round. The capital infusion, which comprises $63 million in equity led by GEF Capital Partners and $30 million in debt, marks the company's largest funding round to date. Yulu is using this substantial investment to accelerate its expansion plans across new mobility segments and dramatically scale its operational capacity.The Bengaluru-based technology firm stated that the funds are earmarked for quadrupling its active EV fleet within the next two years. This aggressive scaling plan includes expanding service hubs and strengthening enterprise partnerships. Amit Gupta, co-founder and CEO of Yulu, confirmed the structure of the raise, noting the dual nature of the investment round.
Strategic Focus: Meeting Supply Constraints in Urban Mobility
Gupta stressed that the company's core strategy hinges on supply capacity rather than demand alone. He pointed out that managing and placing vehicles onto the road constitutes the primary constraint for growth. The $63 million equity component included approximately $5.5 million from secondary sales involving seed-stage investors, reinforcing the company’s market confidence.This capital injection is designed to shift Yulu's footprint into crucial logistics and high-capacity transportation markets. The company plans to launch Yulu Express, a dedicated solution utilizing a full-sized, high-payload electric scooter. This new product line aims squarely at e-commerce logistics, bike taxis, and rapid parcel delivery services.
Tapping the Gig Economy: Opportunities for Expansion
Yulu identifies massive opportunities within the local gig economy workforce. CEO Gupta highlighted the scale of demand in logistics, pointing out that there are over 10 million gig workers involved in hyperlocal logistics across various forms. Furthermore, the company sees a critical market shift in bike taxis, estimating that more than three million such gig workers urgently need to transition to electric vehicles.Currently, Yulu operates across 12 primary metropolitan areas, including Bengaluru, Mumbai, Delhi-NCR, and Hyderabad. Additionally, it maintains a network across eight franchise-operated regional markets. The company's fleet is responsible for delivering over 750,000 doorstep deliveries daily and covers an impressive 2.5 million zero-emission kilometers.
Financial Health and Path to Cash Flow Positivity
Financially, Yulu has demonstrated strong operational momentum. The company reports that its revenue expanded sevenfold between FY2023 and FY2026. Furthermore, Yulu has achieved positive EBITDA since April 2025, reflecting improved operating leverage and profitability on the ground.The successful execution of these growth strategies is directly tied to the goal of achieving sustained financial stability. Gupta stated that the key operational milestone for the company is becoming cash-positive sometime next year. Reaching this point means Yulu will eliminate its reliance or need to raise further equity capital in the near future.
Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.
Any views, opinions, or statements expressed, where applicable, are those of the respective analysts or experts and do not reflect the views of this website. The website has no association with such viewpoints and does not assume any responsibility for them.