Yulu raises Rs 547 crore in Series C equity, targets 200,000-vehicle fleet

Bengaluru-based Yulu’s Series C equity round, led by GEF Capital Partners, values the electric mobility platform at about $180–200 million. The company plans to grow its fleet from roughly 50,000 to 200,000 EVs and enter about 20 cities over the next year.

— Source publishedThu, 17 Sept, 2026, 09:33 IST·First seen Thu, 17 Sept, 2026, 09:34 IST·Source Entrackr · Newsletter

What happened

Bengaluru-based electric mobility and last-mile delivery platform Yulu raised Rs 547 crore in Series C equity led by GEF Capital Partners. It targets a

Key facts

  • $93 million total Series C
  • $63 million equity
  • $30 million proposed debt
  • Rs 547 crore equity raised
  • post-money valuation of about $180-200 million
  • GEF Capital Partners stake: 31.29%
  • Bajaj Auto stake: 12.38%
  • FY25 operating revenue: Rs 237.4 crore, up 98%
  • FY25 net loss: Rs 126 crore, down 12%
  • Current fleet: about 50,000 electric vehicles
  • Target fleet: 200,000 electric vehicles

Why this matters

Yulu’s city expansion creates partnership opportunities for retailers, marketplaces and logistics players seeking integrated EV fleets, charging access and sustainable delivery solutions.

What to watch

  • Quarterly fleet additions versus the path from roughly 50,000 to 200,000 vehicles.
  • Number of new cities launched and evidence of sustained utilization after launch.
  • Battery-swapping station growth, charging uptime and parking-access agreements.
  • Vehicle procurement partnerships, especially with Indian OEMs and battery suppliers.
  • Gross margin, contribution margin, maintenance costs and cash-burn trends as the fleet scales.
  • Large B2B contracts with quick-commerce, food delivery, logistics or metro-connectivity partners.
  • Regulatory changes affecting shared e-mobility permits, parking, battery swapping or EV subsidies.
  • Secure bulk EV, battery and charging-equipment agreements to support fleet deployment and reduce procurement risk.
  • Expand battery-swapping and charging partnerships with fuel retailers, metro operators, real-estate owners and public agencies.
  • Prioritize city launches around metro connectivity, dense employment hubs and gig-delivery demand to build utilization before wider rollout.
  • Use the higher valuation and fleet scale to pursue B2B fleet contracts with delivery, quick-commerce and enterprise clients.
  • Increase local government engagement on parking, operating permits, safety standards and EV-infrastructure access.

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