Yulu raises $93M to quadruple electric fleet and expand to 20 cities
The Bajaj-backed electric two-wheeler rental platform plans to grow its fleet from 50,000 to 200,000 vehicles over two years, with expansion to about 20 cities within 12 months. It is also scaling Yulu Express for logistics and bike-taxi users and targets PAT profitability next year.
What happened
Yulu raised $93 million to scale its electric rental fleet fourfold, expand to about 20 Indian cities and launch Yulu Express for logistics and bike-taxi use.
Key facts
- $93 million total funding
- $63 million equity funding
- $170 million post-money valuation
- Fleet target: 200,000 two-wheelers from 50,000
- Expansion target: about 20 cities from 12
- FY25 revenue: ₹237 crore
- FY25 loss: ₹126 crore, down 12%
- Revenue target: ₹1,200-1,500 crore annualised
- About one-third of planned fleet to be Yulu Express
- 500 Yulu Express units operational in Bengaluru
- 95% of revenue from gig-worker rentals
Why this matters
Yulu’s Bajaj-backed scale-up in rentals, logistics and bike taxis makes it a stronger partnership, acquisition or ecosystem-integration candidate across urban mobility and last-mile delivery.
What to watch
- Monthly fleet additions versus the 200,000-vehicle target.
- Number of cities launched and the utilization trajectory of new-city fleets.
- Yulu Express enterprise contracts and share of fleet dedicated to logistics or bike-taxi use.
- Revenue per vehicle, uptime, rider retention and maintenance costs.
- Progress toward PAT profitability next year, including cash burn and debt/funding needs.
- Changes in state and city rules governing bike taxis, EV rentals, curb parking and battery swapping.
- Competitive pricing and fleet expansion by ride-hailing, delivery and other EV-mobility platforms.
- Prioritize fleet deployment in existing high-density markets before broadening lower-utilization city launches.
- Expand Yulu Express partnerships with quick-commerce, food delivery, e-commerce and pharmacy platforms to secure contracted rider demand.
- Build battery-swapping, repair and vehicle-rebalancing capacity ahead of fleet additions to protect uptime.
- Use Bajaj backing to improve vehicle procurement terms, financing access and service-network coverage.
- Offer gig-worker leasing, insurance, maintenance bundles and loyalty programs to reduce churn and raise vehicle utilization.
- Seek municipal partnerships for designated parking, charging locations and bike-taxi operating clarity.