Yulu Raises $93 Million to Expand EV Fleet and Enter New Segment

Electric mobility service provider Yulu has secured $93 million (approximately ₹887.5 crore) in a Series C funding round led by GEF Capital Partners. The capital injection is designated for expanding its electric vehicle fleet and entering the full-size electric two-wheeler segment.

The funding comprises $63 million in equity and $30 million in debt. Yulu intends to utilize the new capital to quadruple its active fleet to 200,000 electric vehicles over the next two years. The company also plans to enhance its network of service hubs and strengthen partnerships with enterprise clients.

As part of its expansion strategy, Yulu plans to introduce Yulu Express, a full-size, high-payload electric scooter designed for e-commerce logistics, bike taxi services, and express parcel delivery. This move signifies Yulu's expansion beyond the low-speed electric scooters currently used for its shared mobility and last-mile delivery operations.

Founded in 2017 by Amit Gupta and others, Yulu offers shared electric two-wheelers for urban commuting and last-mile deliveries across 12 metropolitan areas and eight franchise-operated regional markets. The company is also reportedly preparing for a potential initial public offering in the coming years.