Electric mobility company Yulu has raised $93 million in its Series C funding round to expand its electric vehicle fleet, enter new urban mobility segments and prepare for a potential public market listing.
The round includes $63 million in equity led by GEF Capital Partners and $30 million in debt.
The company plans to increase its active fleet fourfold to 200,000 electric vehicles within the next two years. It will also expand its service hubs and strengthen partnerships with businesses in e-commerce, quick commerce and other hyperlocal services.
Yulu is also preparing to launch Yulu Express, a full-sized electric scooter designed for higher payloads. The vehicle will be used for e-commerce logistics, bike taxis and express parcel delivery.
Yulu said its revenue grew seven times between FY2023 and FY2026. The company has reported positive EBITDA since April 2025 and said improved profitability has strengthened its path towards a potential IPO.
The company operates across 12 major metropolitan markets, including Bengaluru, Mumbai, Delhi-NCR and Hyderabad, along with eight regional markets run by franchise partners.
Yulu said its fleet covers around 2.5 million zero-emission kilometres every day and supports more than 750,000 doorstep deliveries. It also claims to power more than 15% of quick-commerce deliveries across India’s top four metropolitan centres.
"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. "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."
GEF Capital Partner Alipt Sharma said the investment reflected confidence in Yulu’s business model and the growth of shared electric mobility in India.
"Yulu has demonstrated that sustainable mobility can also be a compelling and scalable business," said Alipt Sharma, Partner at GEF Capital.