Yulu becomes EBITDA positive, crosses ARR of USD 30 million 

Yulu said it has become India's largest EBITDA (earnings before interest, taxes, depreciation and amortisation) profitable shared electric mobility company and has crossed an Annual Recurring Revenue (ARR) of USD 30 million, today, October 7, 2024. 

With over 40,000 EVs, Yulu’s revenues and users have increased more than seven-fold (7X) over the last 24 months, the press release noted.

The company plans to deploy 100,000 EVs by 2025, for which it aims to raise USD 100 million in Series C via debt and equity, in the next 12 months. 

Amit Gupta, Co-founder and CEO of Yulu noted, "As the country’s largest shared electric mobility player, Yulu is a critical enabler for the instant delivery revolution. The simplicity and ease of our platform allow gig workers without vehicles to join the delivery workforce, while also addressing the crucial supply gap in the quick commerce value chain." 

He added they looked forward to seizing opportunities in instant and hyperlocal deliveries.