Yulu Reports Significant Revenue Growth in Electric Mobility

Yulu has made notable strides in electric mobility, nearly doubling its revenue in the fiscal year ending March 2025 to Rs 237.4 crore. Additionally, the company successfully reduced its losses by 12%, bringing them down to Rs 126 crore.

In accordance with its consolidated financial statements submitted to the Registrar of Companies (RoC), Yulu’s operating revenue surged by 98% year-on-year, rising from Rs 120 crore in FY24 to Rs 237.4 crore in FY25. Established eight years ago, Yulu facilitates last-mile connectivity by leasing electric bikes and running a comprehensive EV charging and battery-swapping network. The company’s urban Mobility-as-a-Service (MaaS) offerings span across Bengaluru, Mumbai, and Delhi-NCR.

Revenue Breakdown

Rental income from electric vehicles remained the principal source of revenue for Yulu, accounting for approximately 85% of total operating revenue at Rs 201 crore in FY25. Furthermore, sales of electric bikes and accessories contributed an added Rs 22.67 crore. The company also generated Rs 13.24 crore from providing riders, field staff, and various manpower services to clients. The remainder of its operating income derived from franchise operations and delivery-related services.

In addition, Yulu garnered Rs 4.53 crore from interest on fixed deposits, current investments, and dividend income, resulting in a cumulative revenue of Rs 241.9 crore.

Expense Overview

In terms of expenses, the cost of materials formed the largest expenditure segment, accounting for 43.23% of total expenses, which climbed by 53% to Rs 151.56 crore in FY25. Employee benefits expenses remained unchanged at Rs 88.43 crore, including Rs 9.35 crore for ESOP costs, while depreciation and amortisation surged over 70% to Rs 66 crore. Other overhead costs, such as advertising, rent, and legal and professional fees, elevated total expenses to Rs 350.6 crore in the past fiscal year, reflecting a 36% increase from Rs 258.3 crore in FY24.

Financial Performance

The substantial revenue increase of 98% allowed the Bajaj-backed company to reduce losses by 12% to Rs 126 crore in FY25, compared to Rs 142.8 crore in FY24. Yulu’s EBITDA margin improved to -15.29%, a rise from -80.11% in FY24, while the EBITDA (loss) settled at Rs 36 crore. On a unit basis, the company expended Rs 1.48 to generate one rupee in operating revenue.

As of March 2025, Yulu’s current assets reached Rs 101.95 crore. Notably, its cash and bank balance experienced a significant decline of 93%, dropping to Rs 9.65 crore from Rs 142.7 crore in FY24.

As reported by various sources on startup data intelligence platforms, the Bengaluru-based company has successfully raised over $140 million to date, including $19.25 million obtained in February of the previous year from Magna and Bajaj Auto.