Yulu Raises USD 93 Mn in Series C Round Led by GEF Capital
Yulu raises USD93 million in Series C funding to quadruple its electric vehicle fleet to 200,000 and expand its urban mobility operations.
Yulu
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Yulu, an electric mobility-as-a-service (MaaS) platform, has raised USD93 million in its Series C funding round, comprising USD63 million in equity led by GEF Capital Partners and USD30 million in debt.
Amit Gupta, Co-founder & CEO of Yulu said, “Securing this Series C capital is a validation of our business model, a massive headroom for demand, our execution capability, and the platform maturity we have built. 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 hyper-local mobility economy while transitioning seamlessly toward the public markets.”
The company said the funding will be used to quadruple its active fleet to 200,000 electric vehicles within the next two years, expand service hubs, build enterprise partnerships and enter additional intra-city mobility use cases.
Financial performance and scale
Yulu’s revenue increased sevenfold between FY2023 and FY2026. The company has reported positive EBITDA since April 2025 and said it plans to improve profitability and operating leverage as it prepares for a potential public market listing in the coming years.
Its fleet currently records 2.5 million zero-emission kilometres daily and supports more than 750,000 doorstep deliveries each day. The company said it powers more than 15% of quick-commerce deliveries across India’s top four metropolitan centres.
Yulu said its vehicles help reduce operating costs for gig workers, increasing their net earnings by 30-40%. Its operations also avoid approximately 2 million kilograms of CO2 emissions each month.
“Yulu has demonstrated that sustainable mobility can also be a compelling and scalable business,” said Alipt Sharma, Partner at GEF Capital. He added that Yulu’s differentiated platform, operational capabilities and disciplined capital allocation position it well to lead India’s growing shared electric mobility market, with significant potential to expand across new markets and use cases.
Yulu, an electric mobility-as-a-service (MaaS) platform, has raised USD93 million in its Series C funding round, comprising USD63 million in equity led by GEF Capital Partners and USD30 million in debt.
Amit Gupta, Co-founder & CEO of Yulu said, “Securing this Series C capital is a validation of our business model, a massive headroom for demand, our execution capability, and the platform maturity we have built. 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 hyper-local mobility economy while transitioning seamlessly toward the public markets.”
The company said the funding will be used to quadruple its active fleet to 200,000 electric vehicles within the next two years, expand service hubs, build enterprise partnerships and enter additional intra-city mobility use cases.
