Yulu Secures $93 Million in Series C Funding to Quadruple EV Fleet and Launch Heavy-Payload Logistics Service

Yulu, the Bengaluru-based electric mobility-as-a-service (MaaS) pioneer, has raised $93 million in a Series C funding round as it shifts from a pure-play micro-mobility provider to a full-fledged urban logistics ecosystem. The transaction, comprising $63 million in equity led by GEF Capital Partners and $30 million in debt, comes amid significant macro tailwinds, including a burgeoning quick-commerce sector and a shifting energy security agenda following geopolitical instability in the Middle East. The fresh capital is earmarked to quadruple Yulu’s active fleet from 50,000 to 200,000 electric vehicles (EVs) within the next 24 months, while meeting new government mandates for GPS-enabled, high-specification commercial hardware.

Series C Funding Breakdown and Capital Discipline

The Series C round reflects a disciplined approach to capital structure, necessitated by a current post-money valuation of approximately $170 million—a figure that sits below the company’s cumulative $228 million in total capital raised. This “valuation lag,” common in asset-heavy sectors, explains Yulu’s pivot toward debt for hardware acquisition. Notably, existing strategic giants Bajaj Auto and Magna International waived their pre-emptive rights for this round, allowing GEF Capital to lead the equity tranche.

As a business “made of things,” Yulu’s decision to utilize $30 million in debt aligns with sophisticated asset-backed financing. Unlike software codebases, Yulu’s scooters possess serial numbers, measurable daily cash flows, and significant resale value. By funding depreciating assets with a finite life through debt—rather than permanent equity—the company optimizes its unit economics and avoids excessive ownership dilution during its scaling phase.

Strategic Utilization: The 200,000 Fleet Goal

Yulu’s roadmap involves transforming its footprint to support India’s estimated 10 million gig workers. The capital will fund the following operational targets:

• Fleet Quadrupling: Scaling from 50,000 to 200,000 active two-wheelers within 24 months to meet the “everything in 15 minutes” demand of the quick-commerce industry.
• Geographic Expansion: Increasing presence from 12 primary metros to approximately 20 cities within the next year, utilizing a mix of company-owned and franchise-led models.
• Infrastructure as a Horizontal Player: Strengthening the Yuma Energy battery-swapping network (a JV with Magna). Yuma is evolving into a “horizontal battery-as-a-service” provider, servicing Yulu as its primary customer while expanding into other sectors like e-Rickshaws in North India. The network targets a leap from 100 to 500 stations, facilitating 500,000 to 600,000 swaps per day by 2024.

New Product Launch: Yulu Express

A critical pillar of the Series C strategy is the launch of “Yulu Express,” a full-sized, high-payload electric scooter. This model is engineered to capture “power-hungry” use cases that exceed the capabilities of Yulu’s traditional lightweight fleet.

Yulu Express targets the heavy-payload logistics sector, specifically e-commerce parcel delivery, bike taxis, and bulk quick-commerce. The company expects one-third of its projected 200,000-vehicle fleet to consist of this heavier-duty model. By moving into the high-payload segment, Yulu is positioning itself to own the mobility stack for the broader gig economy, moving beyond micro-trips into intensive intra-city commercial logistics.

Financial Performance and the Road to Public Markets

Yulu’s financial profile has reached a turning point, with the company reporting positive EBITDA since April 2025. The focus has now shifted to “PAT (Profit After Tax) profitability,” where the business accounts for the amortized cost of capex alongside operational overhead.

Yulu Financial Metrics

CEO Amit Gupta has identified a revenue “sweet spot” of ₹1,200 crore to ₹1,500 crore as the threshold for an IPO on the main board. This scale, combined with sustained PAT profitability, is intended to make the company attractive to institutional mutual funds and long-term investors who prioritize fundamental unit economics over speculative growth.

Historical Context and Manufacturing Synergy

Founded in 2017 by Amit Gupta, Anuj Tewari, RK Misra, and Naveen Dachuri, Yulu has maintained a strategic manufacturing partnership with Bajaj Auto. Its 3rd generation vehicles, the Miracle GR and Dex GR, are manufactured by Chetak Technology Ltd (a Bajaj subsidiary), ensuring world-class production quality and optimized economies of scale through locally sourced parts.

The company’s expansion is further bolstered by a November 2022 MoU with the Government of Karnataka, which outlined a ₹1,200 crore investment to create over 7,000 jobs in the state’s burgeoning EV ecosystem.

Environmental and Social Impact

Yulu’s transition to a large-scale commercial EV operator has delivered significant measurable sustainability and socio-economic results:

1. Emission Abatement: The platform now prevents approximately 2 million kilograms of CO2 emissions every month, contributing to a total of over 15,000 metric tons prevented since inception.
2. Daily Operations: Yulu currently facilitates over 750,000 doorstep deliveries per day, serving as the emission-free backbone for India’s top four quick-commerce metros.
3. Gig Economy Impact: By removing the barriers of vehicle ownership and fuel maintenance, Yulu has enabled a 30% to 40% increase in net earnings for delivery partners compared to those using petrol-powered scooters.

References

• Bajaj Auto Limited (Official Corporate Press Release)
  • Title: Yulu & Bajaj Auto launch their new & revolutionary electric 2-wheeler platform purpose-built for urban mobility needs
  • Resource URL: Bajaj Auto Media Centre
• Center for Study of Science, Technology and Policy (CSTEP) (Official Think Tank Report)
  • Title: Bengaluru 2030: EV charging demand and infrastructure
  • Resource URL: CSTEP Publication Page
• _VOIS Planet / Vodafone Idea Foundation (Official Corporate Social Responsibility Case Study)
  • Title: Reducing Carbon Emissions Through Bike-Sharing Model: A Case Study of Yulu
  • Resource URL: _VOIS Planet Portal
• Yulu Mobility (Official Corporate Portal)
  • Title: Yulu Bikes – Shared Electric Mobility Platform
  • Resource URL: Yulu Official Website
• Executive Statement & Interview (First-Hand Disclosures)
  • Title: Yulu’s IPO Plan: ₹1,500 Cr Revenue Target, PAT Profitability & $93 Mn Fundraise (Interview with Amit Gupta, Co-founder & CEO, Yulu)
  • Source: Autocar Professional