Yulu raises $93M to scale EV fleet and urban ecommerce delivery services

GEF Capital-led funding will help Yulu expand its active EV fleet toward 200,000, add urban hubs and grow Yulu Express for ecommerce logistics, bike taxis and parcel delivery across Indian metros.

— Source publishedWed, 12 Aug, 2026, 11:55 IST·First seen Wed, 12 Aug, 2026, 11:58 IST·Source YourStory · Capital

What happened

Yulu raised $93 million in Series C funding led by GEF Capital to quadruple its active EV fleet to 200,000, expand hubs and launch Yulu Express for ecommerce

Key facts

  • $93 million total funding
  • $63 million equity
  • $30 million debt
  • 200,000 EV active fleet target
  • 12 locations

What changed

Yulu raised $93 million in Series C funding led by GEF Capital to quadruple its active EV fleet to 200,000, expand hubs and launch Yulu Express for ecommerce logistics, bike taxis and parcel delivery across Indian urban markets.

Why this matters

Yulu’s $93 million raise will expand EV fleet and urban hub capacity, giving ecommerce operators more scalable low-emission options for quick-commerce and parcel delivery in Indian metros.

What to watch

  • Verified active-fleet growth versus the stated path toward 200,000 vehicles.
  • New Yulu Express contracts with quick-commerce, marketplace, grocery, pharmacy or food-delivery platforms.
  • Expansion of charging and battery-swapping hubs in Mumbai, Bengaluru, Delhi NCR, Hyderabad, Chennai and Pune.
  • Reported rider utilization, deliveries per vehicle per day, fleet downtime and contribution-margin trends.
  • Municipal parking rules, EV incentives, battery-safety regulations and restrictions on internal-combustion delivery vehicles.

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