Bengaluru-based electric mobility startup Yulu has raised $93 million in fresh funding to expand its fleet and meet rising demand driven by India’s quick-commerce sector. The Series C round consists of $63 million in equity led by GEF Capital Partners and $30 million in debt financing.

The deal values Yulu at approximately $170 million post-money, according to sources familiar with the matter. Co-founder and CEO Amit Gupta stated that about $5.5 million of the equity was used to buy out seed investors. Existing investors Bajaj Auto and Magna International waived their pre-emptive rights and did not participate in this round.

• Current Fleet Size: Around 50,000 electric two-wheelers logging 1.6 million zero-emission miles weekly.
• Daily Operations: Powers more than 750,000 deliveries every day across 12 Indian cities.
• Expansion Goal: Scale the fleet to 200,000 vehicles over the next two years and expand to roughly 20 cities, targeting Chennai and Pune.
• Revenue Breakdown: Approximately 95% of revenue comes from renting electric bikes to gig workers on weekly subscriptions.

To cover longer-haul deliveries, bike taxis, and express parcel services, Yulu is introducing a full-sized, higher-speed electric scooter called Yulu Express. Built by an unnamed Indian manufacturer, the new model will account for about a third of the planned 200,000-vehicle fleet. Around 500 of the new bikes are currently running in Bengaluru and trialed in three other cities.

Yulu achieved positive EBITDA last financial year and expects to become profitable before interest and taxes next year. Gupta reported that revenue grew seven-fold between fiscal 2023 and fiscal 2026, adding that this is expected to be Yulu's final equity fundraising before an eventual public listing.