Indian electric mobility startup Yulu raises $93 million to expand its fleet

12:15

By: Azzat Manal

Indian electric mobility startup Yulu raises $93 million to expand its fleet

Indian electric mobility startup Yulu has secured $93 million in fresh funding as it seeks to accelerate the expansion of its urban transportation and delivery operations.

The financing round includes $63 million in equity led by GEF Capital Partners and $30 million in debt. Yulu plans to use the funds to significantly increase its active electric vehicle fleet, expand its service infrastructure and strengthen partnerships with businesses.

Founded in 2017 and headquartered in Bengaluru, Yulu currently operates across 12 markets, including Mumbai, Delhi-NCR and Hyderabad. The company says its vehicles collectively travel around 2.5 million emission-free kilometers every day and support more than 750,000 deliveries.

Over the next two years, Yulu aims to increase its active fleet from approximately 50,000 vehicles to 200,000. The expansion is expected to support growing demand for cleaner urban transportation and last-mile delivery services.

The company is also preparing to introduce Yulu Express, a larger electric scooter designed to carry heavier loads. The new model is intended for applications such as e-commerce deliveries, parcel transportation and motorcycle taxi services.

Yulu's latest fundraising comes as the company reports strong growth in its business. According to the startup, its revenue increased sevenfold between fiscal years 2023 and 2026. It also says it has remained EBITDA-positive since April 2025, indicating that its core operations have generated earnings before interest, taxes, depreciation and amortization.

The new investment highlights the growing interest in electric mobility solutions in India, where expanding cities and rising demand for delivery services are creating opportunities for zero-emission transportation. Yulu's strategy combines shared mobility, electric vehicles and urban logistics as it seeks to build a larger presence in the country's rapidly developing mobility market.

With its new capital, the company will focus on scaling its fleet, expanding its service network and developing new commercial applications for electric vehicles. Its target of reaching 200,000 vehicles within two years marks a major step in its ambition to become a significant player in India's electric mobility and urban logistics sectors.