Yulu Raises $93 Million to Expand Its Electric Mobility Business Across India

Yulu has raised $93 million in a mix of equity and debt as the electric mobility company prepares for a major expansion across India.

The Bengaluru-based company plans to increase its active fleet from around 50,000 vehicles to 200,000 over the next two years. It also plans to expand from 12 cities to 20 cities over the next year.

The funding comes at an important stage for Yulu. The company says it has been operationally profitable since April 2025 and now wants to use the new capital to scale faster.

Where Will the $93 Million Go?

The latest funding includes $63 million in equity and $30 million in debt.

The equity round was led by climate-focused investment firm GEF Capital Partners. Existing investors Bajaj Auto and Magna International did not participate in this round.

Yulu plans to use the capital to expand its fleet and enter more cities.

• 50,000 → 200,000 vehicles
• 12 → 20 cities
• Expansion across the next two years
• More focus on logistics and commercial mobility

Yulu Is Moving Beyond Electric Bike Rentals

Yulu's vehicles are already used by delivery workers in India's quick-commerce and food-delivery businesses.

But the company is now looking at a much larger opportunity.

It is expanding into intra-city logistics, bike taxis and express parcel delivery. Yulu is also introducing high-payload electric scooters designed for commercial use.

This changes the way we can look at the company.

Yulu is not simply an electric bike rental startup anymore.

It is trying to become part of India's last-mile mobility infrastructure.

For delivery companies, the cost of running vehicles is important. As India's quick-commerce, food delivery and e-commerce markets grow, demand for affordable and efficient last-mile transportation is also increasing.

The Business Is Growing, But Profitability Is the Bigger Test

Yulu's revenue nearly doubled in FY2025.

The company reported revenue of ₹237 crore, while its loss narrowed by 12% to ₹126 crore.

Yulu now expects to become monthly PAT-positive next year.

The company is targeting annualised revenue of between ₹1,200 crore and ₹1,500 crore before eventually looking at a public listing.

That makes the next phase of the business particularly important.

Raising money is one thing.

Putting 200,000 vehicles on the road and making the business profitable at that scale is another.

Why This Matters for India's EV Market

Most of India's electric vehicle conversation has focused on consumers buying electric scooters and cars.

But there is another large opportunity developing:

Business mobility.

Delivery companies need vehicles.

E-commerce companies need last-mile transportation.

Quick-commerce companies need riders to move products quickly.

Logistics companies need to control operating costs.

This creates an opportunity for companies that can provide electric vehicles as part of a larger mobility service.

Yulu is betting on exactly that opportunity.

The Next Challenge

The biggest question for Yulu is no longer whether it can raise capital.

It now has to prove that its expansion can produce better business economics.

A four-times increase in the fleet also means more operational complexity.

Vehicles need maintenance. Batteries need to be managed. Cities need local operations. Riders need support. And Yulu needs enough demand to keep its growing fleet productive.

If the company manages this successfully, Yulu could become an important example of how India's EV market moves from consumer adoption to commercial use at scale.

BizGossips Take

Yulu's $93 million funding is interesting because the company is not simply raising money to put more electric vehicles on the road.

It is betting that electric mobility will become a bigger part of India's delivery and logistics economy.

The next number we will be watching is not the amount Yulu raised.

It is how quickly the company can move from 50,000 vehicles to 200,000 — and whether that growth can translate into consistent profits.