Indian electric mobility startup Yulu secures $93 million

Indian electric mobility-as-a-service (MaaS) platform Yulu has announced the successful completion of its Series C funding round, raising USD 93 million through a combination of USD 63 million in equity led by GEF Capital Partners and USD 30 million in debt. 

The capital raise consolidates Yulu’s quick-delivery and hyper-local service operations while funding its next phase of enterprise growth, the Bengaluru‑based startup said.

As a vertically integrated EV ecosystem spanning purpose-built hardware, proprietary technology, and expansive energy infrastructure, with the help of strategic partnerships with Bajaj Auto and Magna International, Yulu aims to capture the accelerating demand for sustainable urban logistics. 

The proceeds will be deployed to quadruple Yulu’s active fleet to 200,000 EVs within the next 2 years, expand service hubs, and deepen strategic enterprise partnerships, the company said. It also plans to launch an electric scooter Yulu Express targeting e-commerce logistics, bike taxis and express parcel delivery.

“Yulu was built on the conviction that hyper-local mobility requires purpose-built vehicles along with suitable infrastructure, deep technology integration, and uncompromising unit economics,” said Amit Gupta, Co-founder & CEO of Yulu. “Securing this Series C capital is a validation of our business model, a massive headroom for demand, our execution capability, and the platform maturity we have built.” 

“Yulu has demonstrated that sustainable mobility can also be a compelling and scalable business,” said Alipt Sharma, Partner at GEF Capital. “Over the years, the company has built a differentiated platform with strong operational capabilities, disciplined capital allocation and clear market leadership in an increasingly important segment of urban transportation.”