Yulu raises $93M Series C to take EV fleet to 200,000
Yulu has raised $93 million—$63 million in equity and $30 million in debt—to expand its electric two-wheeler fleet fourfold over two years, add service hubs and scale Yulu Express for e-commerce logistics, bike taxis and parcel delivery.
What happened
Yulu raised $93 million to expand its EV fleet to 200,000, add service hubs and launch Yulu Express for e-commerce logistics, bike taxis and parcel delivery
Key facts
- $93 million Series C funding
- $63 million equity
- $30 million debt
- 200,000 EV fleet target
- fourfold fleet expansion
- 12 primary metros
- 8 franchise-operated regional markets
- 7x revenue growth in FY26 versus FY2023
- positive EBITDA since April 2025
Why this matters
Yulu’s franchise-led expansion and Yulu Express buildout make it a potential strategic partner or acquisition target for logistics, marketplace and mobility companies seeking electrified last-mile reach.
What to watch
- Quarterly fleet additions versus the stated 200,000-vehicle target and the share deployed outside core metros.
- Named commercial agreements with quick-commerce, e-commerce, grocery, pharmacy, courier or 3PL operators.
- Yulu Express order volumes, revenue mix and vehicle utilization relative to shared-mobility usage.
- Number and geography of new service hubs, franchise partners and battery/charging sites.
- Regulatory decisions on bike taxis, EV parking, fleet licensing and battery-swapping operations in major Indian cities.
- Evidence that delivery partners receive lower cost per order, faster delivery times or improved rider retention from dedicated EV fleets.
- Debt drawdown, vehicle-finance terms, operating cash burn and any follow-on capital requirement.
- Target enterprise contracts with quick-commerce, grocery, pharmacy, fashion marketplace and parcel-logistics operators needing predictable rider capacity.
- Build service hubs near high-order-density retail clusters, dark stores, metro stations and fulfillment centers rather than pursuing broad citywide coverage first.
- Use franchise-led city entry to accelerate local operations, while retaining centralized control of vehicle telemetry, battery standards, maintenance and rider onboarding.
- Offer retailer and logistics partners dedicated fleet blocks, API-enabled dispatch integration and SLA-based delivery capacity for peak-demand periods.
- Leverage debt financing for vehicle deployment while reserving equity capital for hubs, technology, market entry and enterprise sales.
- Seek municipal partnerships around EV parking, charging, battery swapping and bike-taxi permissions to reduce regulatory friction.