Yulu Secures Funding for Electric Mobility Solutions

Electric mobility-as-a-service (MaaS) platform Yulu has successfully raised $93 million in a Series C funding round, which consists of $63 million in equity led by GEF Capital Partners and $30 million in debt. Based in Bengaluru, Yulu had previously gained $19.25 million (approximately Rs 160 crore) from current investors Magna and Bajaj Auto in February 2024. In September 2022, the company secured $82 million in a Series B round and $3 million in debt financing in January 2022.

Expansion Plans for Electric Vehicles

Yulu intends to utilise the new capital to increase its active fleet to 200,000 electric vehicles over the forthcoming two years. The company aims to branch out into new urban mobility applications and may consider a public market listing. Currently, Yulu operates in 12 major metropolitan areas and eight franchise-led regional markets.

About Yulu and Its Fleet

Founded in 2017 by Amit Gupta, RK Misra, Naveen Dachuri, and Hemant Gupta, Yulu manages a technology-driven fleet of electric two-wheelers for urban transport and last-mile delivery. Presently, its fleet consists of around 50,000 vehicles, with plans to extend its presence to approximately 20 cities within the year ahead.

Impact and Performance Metrics

According to Yulu, its fleet has covered 2.5 million zero-emission kilometres and enables over 750,000 doorstep deliveries each day. The company asserts that its vehicles facilitate more than 15% of quick-commerce deliveries across India’s leading four metropolitan regions.

New Mobility Innovations

Yulu is also venturing into related intra-city mobility sectors with Yulu Express, a full-sized, high-payload electric scooter aimed at e-commerce logistics, bike taxis, and express parcel delivery. Approximately one-third of the anticipated 200,000-vehicle fleet is projected to include this new model.

Financial Growth and Future Outlook

Yulu has reported a nearly twofold increase in operating revenue, reaching Rs 237.4 crore in FY25, up from Rs 120 crore in FY24, while its net loss decreased by 12% to Rs 126 crore. The company has achieved positive EBITDA from April 2025 and has indicated that its revenue grew sevenfold between FY23 and FY26.

Overall MaaS Landscape

The MaaS segment encompasses last-mile delivery, employee transportation, urban commuting, EV rentals, and fleet electrification. Startups operating within this space leverage software, fleet management, and charging infrastructure to enhance vehicle usage while lowering operational costs.

Competitive Landscape

Other players benefiting from funding include Zypp Electric, which provides EV-as-a-service for last-mile deliveries and secured $25 million from Gogoro, followed by a $15 million investment from ENEOS. Alt Mobility, specialising in EV leasing and MaaS for commercial fleets, raised $6 million in 2024. Lithium Urban Technologies offers zero-emission corporate transportation through its electric vehicle fleet and charging solutions.

Additionally, notable competitors include SmartE, focused on electric auto-rickshaws for first- and last-mile connectivity, and BluSmart, which established an electric ride-hailing and charging network before ceasing its ride-hailing operations in 2025.