Yulu raises $93M to scale EV fleet to 200,000 and grow delivery logistics
Bengaluru-based Yulu has secured $93 million in Series C funding—$63 million equity and $30 million debt—to expand its fleet from 50,000 to 200,000 EVs over two years. The company is targeting gig-worker and doorstep-delivery demand through Yulu Express while working toward profitability and a future IPO.
What happened
Bengaluru-based Yulu raised $93 million to quadruple its EV fleet to 200,000, expand gig-worker logistics through Yulu Express, and progress toward
Key facts
- $93 million Series C
- $63 million equity
- $30 million debt
- 50,000 current vehicles
- 200,000 cumulative fleet target
What changed
Bengaluru-based Yulu raised $93 million to quadruple its EV fleet to 200,000, expand gig-worker logistics through Yulu Express, and progress toward profitability and an eventual IPO. Its vehicles are sourced and manufactured in India, including through Bajaj Auto.
Why this matters
Yulu’s planned fourfold EV fleet expansion could give quick-commerce and food-delivery operators a larger low-emission last-mile capacity pool, though execution will depend on vehicle availability and gig-worker adoption.
What to watch
- Named partnerships or volume commitments from Blinkit, Zepto, Swiggy, Zomato, Amazon, Flipkart, or major courier networks.
- Monthly active delivery riders, rides per vehicle per day, and fleet utilization disclosures.
- Battery-swapping station growth, vehicle downtime, theft rates, and maintenance costs.
- Expansion beyond Bengaluru and other existing metros into quick-commerce dense neighborhoods.
- Evidence of positive unit economics, EBITDA progress, debt servicing pressure, or IPO preparation.