Yulu secures $93 million Series C to expand electric fleet ahead of public listing
Led by GEF Capital Partners, the funding round values the company at $170 million post-money, marking its final equity raise before an anticipated initial public offering.
Bengaluru-based electric mobility startup Yulu has secured $93 million in a Series C funding round, a move designed to capitalise on the rapid expansion of India’s quick-commerce sector. The investment comprises $63 million in equity, led by GEF Capital Partners, and $30 million in debt financing. The deal values the company at approximately $170 million post-money.
Yulu plans to grow its fleet from 50,000 to 200,000 electric vehicles over the next two years. To support this expansion, the company is introducing Yulu Express, a faster electric scooter model tailored for logistics use cases such as longer-haul e-commerce deliveries and express parcel services. Approximately one-third of the planned fleet will consist of these new high-speed models.
The equity component of the round included $5.5 million used to buy back shares from seed investors whose funds were nearing the end of their investment lifecycle. Existing investors Bajaj Auto and Magna International did not participate in the round after waiving their pre-emptive rights, allowing GEF Capital Partners to acquire its target ownership stake.
Co-founder and CEO Amit Gupta stated that the company expects this to be its final equity fundraising round prior to a public listing. Future fleet expansion will be financed primarily through debt and lease financing. Yulu aims to achieve profitability before interest and taxes next year, following a period of positive EBITDA in the last financial year.
Revenue growth has been significant, with Gupta noting a seven-fold increase between fiscal 2023 and fiscal 2026, though specific figures were not disclosed. Approximately 95% of Yulu’s revenue is derived from renting electric bikes to gig workers on weekly subscriptions, with the remainder coming from station-based rentals in Bengaluru.
The new Yulu Express scooters are manufactured by a different Indian manufacturer than the current low-speed fleet, which is built by Bajaj Auto. Gupta declined to name the new manufacturer. About 500 of the high-speed scooters are already operational in Bengaluru and are being trialled in three additional cities.
Yulu currently operates in 12 Indian cities, running its own operations in Bengaluru, Mumbai, Delhi-NCR, and Hyderabad, while partnering with franchisees in eight other markets. The company aims to expand to roughly 20 cities within the next year, with Chennai and Pune identified as key targets for expansion.
