Yulu raises $93M to quadruple EV fleet and expand quick-commerce delivery reach
The Bengaluru EV mobility platform raised $63M in equity led by GEF Capital Partners and $30M in debt. Yulu plans to grow its fleet from 50,000 to 200,000 vehicles, add logistics and bike-taxi use cases, and expand to about 20 Indian cities.
What happened
Yulu raised $93 million in Series C financing to expand its EV fleet from 50,000 to 200,000 vehicles, enter logistics and bike-taxi use cases, and broaden to
Key facts
- $93 million total Series C funding
- $63 million equity led by GEF Capital Partners
- $30 million debt
- 200,000 EV active fleet target
- 50,000 current vehicles
What changed
Yulu raised $93 million in Series C financing to expand its EV fleet from 50,000 to 200,000 vehicles, enter logistics and bike-taxi use cases, and broaden to around 20 Indian cities. Its fleet supports over 15% of quick-commerce deliveries in India’s top four metros.
Why this matters
Yulu’s planned expansion to 200,000 EVs could materially increase last-mile capacity for quick-commerce retailers across roughly 20 Indian cities.
What to watch
- Named enterprise partnerships with Blinkit, Zepto, Swiggy Instamart, BigBasket, Amazon, Flipkart or major 3PLs.
- Quarterly fleet deployment pace toward 200,000 vehicles and the share allocated to delivery versus bike-taxi use.
- Battery-swapping station expansion, vehicle uptime metrics and evidence of rider utilization above break-even levels.
- Yulu's entry into the announced additional cities, especially tier-2 markets with emerging quick-commerce density.
- Changes in state or municipal rules for bike taxis, EV parking, battery swapping and gig-worker protections.
Also reported by
- Entrackr — Same time