Yulu raises $93m to scale EV fleet for quick-commerce and delivery logistics

Electric-mobility platform Yulu has raised $93 million in Series C funding, including $63 million in equity led by GEF Capital Partners and $30 million in debt. The company plans to expand its EV fleet to 200,000 vehicles within two years, adding hubs and higher-payload scooters for e-commerce, parcel delivery and bike-taxi use.

— Source publishedWed, 12 Aug, 2026, 13:38 IST·First seen Wed, 12 Aug, 2026, 13:43 IST·Source CNBC-TV18 · Companies

What happened

Indian electric-mobility platform Yulu raised $93 million in Series C capital, led by GEF Capital Partners, to quadruple its fleet to 200,000 EVs, expand hubs

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 within two years
  • Eight franchise-operated regional markets
  • Revenue grew seven-fold between FY2023 and FY2026
  • Positive EBITDA since April 2025
  • 2.5 million zero-emission kilometres logged
  • More than 750,000 daily doorstep deliveries
  • 15% share of quick-commerce deliveries across four major metros
  • 30-40% net earnings increase for gig workers
  • About 2 million kg of CO2 emissions abated monthly

Why this matters

Retail, logistics and mobility companies should view Yulu as a potentially stronger partnership or acquisition-adjacent player as it builds toward a 200,000-vehicle fleet and deeper enterprise delivery capabilities.

What to watch

  • Signed or expanded fleet partnerships with Blinkit, Zepto, Swiggy Instamart, Zomato, Amazon, Flipkart or major parcel operators.
  • Quarterly fleet deployment pace versus the 200,000-vehicle target within two years.
  • New hub, battery-swapping and charging-site additions in target metros.
  • Reported vehicle utilization, rider retention, downtime and revenue per vehicle.
  • Municipal rules affecting shared EV parking, battery swapping, bike taxis or commercial two-wheeler operations.
  • Evidence that delivery platforms lower delivery fees or widen serviceable zones as EV availability rises.
  • Prioritize fleet deployment in Bengaluru, Delhi NCR, Mumbai, Hyderabad and other high-order-density metros.
  • Add dedicated commercial agreements with quick-commerce, food-delivery, parcel and e-commerce platforms.
  • Expand battery-swapping, charging, service and parking hubs near dark stores, logistics clusters and transit nodes.
  • Deploy higher-payload scooters to capture larger baskets, parcel routes and business-to-business deliveries.
  • Use debt funding for vehicle and infrastructure assets while preserving equity capital for network expansion and technology.