Yulu Raises $93 Mn Series C to Expand Electric Vehicle Fleet to 200,000

The $63 million equity round was led by GEF Capital Partners. The new funding will help Yulu expand its electric mobility business and strengthen its operations.

Yulu plans to use the funding to quadruple its active fleet to 200,000 electric vehicles. The company also wants to enter new urban mobility segments and prepare for a possible public market listing in the future.

“We have raised $63 million in equity capital and $30 million in debt,” Amit Gupta, co-founder and CEO of Yulu. Our business model was never about demand. It was always about how much you can put on the road and manage it well. That is the supply constraint,” Amit Gupta, co-founder and CEO of Yulu said, referring to the planned expansion of the fleet.

Founded in 2017 by Amit Gupta, Naveen Dachuri, RK Misra and Hemant Gupta, Yulu is an electric mobility company that operates a large fleet of electric two-wheelers. It focuses on helping people travel around cities and supporting last-mile deliveries.

The company provides electric scooters for short-distance travel. Users can access these vehicles through Yulu’s app using rental and subscription plans.

Yulu also serves delivery workers who need affordable and convenient vehicles for their jobs. Its customers include gig workers working with platforms such as Swiggy, Zomato, Zepto, and Blinkit.

Yulu currently operates in 12 major metropolitan cities and has expanded into eight regional markets through franchise partners.

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