Yulu Secures Significant Funding for Electric Mobility Expansion
Electric mobility-as-a-service (MaaS) platform Yulu has successfully acquired $93 million in its Series C funding round, through a combination of debt and equity financing. This round includes $63 million in equity led by GEF Capital Partners, alongside participation from One Planet Partners, and $30 million in debt.
An Overview of Yulu’s Funding Details
Startup Superb conducted an analysis of Yulu’s regulatory documentation to clarify the recent fundraising efforts, updated shareholder structure, and post-valuation metrics. According to the regulatory documents obtained from the Registrar of Companies (RoC), Yulu’s board sanctioned the issuance of 200 equity shares and 55,200 Series C compulsorily convertible preference shares (CCPS) at an issue price of Rs 82,615 per share, aiming to generate Rs 456 crore. Additionally, the firm issued 10,770 Series C1 compulsorily convertible preference shares (CCPS) priced at Rs 84,291 to gather Rs 91 crore. Together, these measures enabled Yulu to raise approximately Rs 547 crore through equity investments.
Debt Component and Investment Leaders
The regulatory filings indicate that the anticipated debt component has not yet been disbursed, and the transaction also encompasses a secondary aspect. GEF Capital Partners spearheaded the Series C round, contributing Rs 456 crore, with the additional funding contributed by One Planet Partners amounting to Rs 91 crore.
Strategic Use of the New Capital
Yulu intends to utilise this fresh capital infusion to bolster its financial foundation, support ongoing operations and strategic initiatives, and propel its future growth plans. The company aims to increase its active fleet to 200,000 electric vehicles over the next two years, explore new urban mobility applications, and facilitate its potential entry into public markets.
Current Valuation and Growth Plans
Startup Superb estimates Yulu’s post-money valuation to be between $180 million and $200 million. Established in 2017 by Amit Gupta, Anuj Tewari, RK Misra, and Naveen Dachuri, Yulu manages a tech-driven fleet of electric two-wheelers specifically designed for urban mobility and last-mile delivery. Presently, its fleet consists of approximately 50,000 vehicles, with plans to broaden its reach to around 20 cities in the upcoming year.
Post the recent share allotment, GEF Capital Partners holds a 31.29% ownership in Yulu. Following them is Magna International Inc. with a 14.38% stake and Bajaj Auto with 12.38%. One Planet Partners has a 6.13% ownership, while Yulu’s co-founders collectively maintain a 22.25% share in the company. Amit Gupta possesses 8.90%, and Naveen Dachuri, Rajendra Kumar Misra, and Hemant Gupta each command a 4.45% stake.
Financial Performance Insights
Based in Bengaluru, Yulu has yet to submit its FY26 financials. In its most recent FY25 reports, the company’s operating revenue surged 98% to Rs 237.4 crore, up from Rs 120 crore in FY24, while its net loss saw a reduction of 12%, dropping to Rs 126 crore from Rs 142.8 crore.