Yulu Raises $93 Mn In Series C Funding Round, Plans To Scale EV Fleet To 2 Lakh

Electric mobility-as-a-service (MaaS) platform Yulu on Wednesday said it has raised $93 million in a Series C funding round to scale its fleet fourfold to 200,000 EVs over the next two years, expand its service hubs, deepen strategic enterprise partnerships and accelerate its listing plans.

The funding comprises $63 million in equity led by GEF Capital Partners and $30 million in debt, the company said.

Securing this Series C capital is a validation of the company's business model, a massive headroom for demand, its execution capability, and the platform maturity it has built, said Amit Gupta, Co-founder & CEO of Yulu.

"As we scale our fleet fourfold over next few quarters and launch high-capacity vehicle form factors, Yulu is positioned to remain the definitive backbone of India's urban hyperlocal mobility economy while transitioning seamlessly toward the public markets," he added.

As a vertically integrated electric vehicle ecosystem spanning purpose-built hardware, proprietary technology, and expansive energy infrastructure, with the help of strategic partnerships with Bajaj Auto and Magna International Inc, Yulu is positioned to capture the accelerating demand for sustainable urban logistics, the company said.

Additionally, Yulu said it also plans to enter adjacent intra-city mobility verticals with the launch of Yulu Express - a full-sized, high-payload electric scooter built for e-commerce logistics, bike taxis, and express parcel delivery.

Since its Series B round in 2022, Yulu has scaled efficiently under strong financial discipline, favourable regulatory tailwinds, and localised tech innovation, with revenue growing seven times in FY26 from FY2023 and sustaining positive EBITDA since April 2025, operating with resilient unit economics.

The company said enhanced profitability metrics through growth and operating leverage will also drive public market readiness for the company in the next few years.

Yulu’s full-stack operational architecture drives asset utilisation across 12 primary metros - including Bengaluru, Mumbai, Delhi-NCR, and Hyderabad - alongside eight franchise-operated regional markets, it stated.