Yulu, an Indian electric mobility startup, secured $93 million in new funding to expand its electric vehicle fleet fourfold over the next two years. The Bengaluru-based company plans to grow its vehicle count from 50,000 to 200,000 bikes.
The Series C round included $63 million in equity capital, led by GEF Capital Partners, alongside $30 million in debt financing. About $5.5 million from the equity component funded share purchases from early seed investors.
People familiar with the deal placed Yulu's post-money valuation at approximately $170 million. CEO Amit Gupta declined to comment on the figure but did not dispute it.
Yulu generates about 95 percent of its revenue from weekly subscriptions for electric bikes to gig workers. The remaining 5 percent comes from its station-based rental service in Bengaluru.
The company, founded in 2017 for urban commuters, pivoted during the COVID-19 pandemic to focus on accelerated demand for food and grocery deliveries. It has since abandoned plans to sell bikes directly to consumers.
Yulu currently logs about 1.6 million zero-emission miles each week across its fleet and supports over 750,000 deliveries daily, primarily for quick-commerce platforms.
Yulu achieved positive EBITDA in its last financial year. The firm expects to reach profitability before interest and taxes next year.
Gupta said Yulu grew its revenue sevenfold between fiscal 2023 and fiscal 2026. Specific revenue figures were not disclosed.
To support its next growth phase, Yulu is introducing the Yulu Express, a full-sized, higher-speed electric scooter aimed at longer-haul e-commerce deliveries, bike taxis and express parcel services.
The Yulu Express will comprise about one-third of the planned 200,000-vehicle fleet. While Bajaj Auto manufactures Yulu's existing low-speed fleet, a different Indian company produces the new high-speed scooter.
Approximately 500 Yulu Express bikes are already operating in Bengaluru. The company is also trialing the new model in three additional cities.
Existing investors Bajaj Auto and Magna International waived their pre-emptive rights, allowing GEF Capital to acquire its target ownership stake. Gupta said Yulu expects this to be its final equity fundraising before a public listing, with future fleet expansion financed through debt and lease financing.
