Yulu Raises US$93 Million In Series C Funding Led By GEF Capital

Yulu has raised US$93 million in its Series C funding round, comprising US$63 million in equity led by GEF Capital Partners and US$30 million in debt. The company said the funding will be used to expand its electric vehicle fleet, service hubs and enterprise partnerships.

Yulu plans to quadruple its active fleet to 200,000 EVs over the next two years. The company will also expand into additional intra-city mobility applications with Yulu Express, a full-sized, high-payload electric scooter aimed at e-commerce logistics, bike taxis and express parcel delivery.

Yulu's Revenue Growth and Path to IPO

The company said its revenue increased sevenfold between FY2023 and FY2026 and that it has maintained positive EBITDA since April 2025. Yulu added that it is working towards public market readiness over the next few years through higher profitability and operating leverage.

Yulu's Operational Footprint Across India

Yulu currently operates across 4 primary metropolitan markets, including Bengaluru, Mumbai, Delhi-NCR, and Hyderabad, as well as 8 franchise-operated regional markets. Its fleet records 2.5 million zero-emission kilometres and facilitates more than 750,000 doorstep deliveries daily, according to the company.

Yulu's Quick-Commerce Market Share and Sustainability Impact

The company said its vehicles account for more than 15% of quick-commerce deliveries across India’s top four metropolitan centres. It also estimates that its operations reduce costs for gig workers, increasing their net takeaway earnings by 30-40%, while avoiding approximately 2 million kg of CO2 emissions each month.

“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,” said Amit Gupta, Co-founder and CEO, Yulu.