Yulu raises $93M to scale EV fleet to 200,000 and enter full-size e-scooters

Yulu’s Series C round, comprising $63 million in equity and $30 million in debt, will fund a fourfold fleet expansion over two years, new service hubs and Yulu Express scooters for e-commerce logistics, bike taxis and parcel delivery.

— Source publishedWed, 12 Aug, 2026, 10:08 IST·First seen Wed, 12 Aug, 2026, 11:06 IST·Source Inc42

What happened

Yulu raised $93 Mn in Series C funding to quadruple its EV fleet to 2 lakh vehicles within two years, expand service hubs and launch Yulu Express electric

Key facts

  • $93 Mn Series C funding
  • ₹887.5 Cr funding value
  • $63 Mn equity
  • $30 Mn debt
  • 2 Lakh EV active fleet target
  • 2 years
  • 12 metros
  • 8 franchise-operated regional markets
  • ₹1,200-₹7,300 subscription range
  • 400-3,600 km covered by subscriptions
  • 2.5 Mn fleet kilometres
  • 7.5 Lakh daily doorstep deliveries
  • 15% of quick-commerce deliveries in four largest metros
  • $228 Mn total funding since inception
  • ₹237.4 Cr FY25 operating revenue
  • 98% YoY FY25 revenue growth
  • ₹126 Cr FY25 net loss
  • 12% YoY loss reduction

Why this matters

Yulu’s move into full-size Yulu Express scooters creates partnership or acquisition-adjacent opportunities for delivery platforms, fleet operators and EV infrastructure providers seeking metro last-mile scale.

What to watch

  • Announced platform partnerships, dedicated-fleet contracts or minimum-volume guarantees.
  • Fleet growth pace toward 200,000 vehicles and the share deployed as Yulu Express scooters.
  • Delivery-time improvements, order-density gains and rider utilization rates in launch metros.
  • Battery-swapping and charging-network expansion, including service-hub openings.
  • Changes in municipal rules for e-scooters, bike taxis, parking and charging infrastructure.
  • Evidence of pricing pressure, rising rider incentives or elevated maintenance and battery-replacement costs.
  • Prioritize fleet deployments near quick-commerce dark stores, restaurant clusters, transit nodes and parcel-delivery hubs in high-density metros.
  • Secure multiyear volume commitments with food-delivery, quick-commerce, e-commerce and bike-taxi platforms before adding significant fleet capacity.
  • Expand charging, battery-swapping, maintenance and service-hub coverage in parallel with vehicle additions.
  • Use Yulu Express to develop higher-margin B2B logistics packages, including dedicated fleets and guaranteed availability during peak windows.
  • Monitor rider utilization and vehicle downtime by micro-market to shift assets away from underperforming zones.

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