Yulu Secures $93M in Series C Funding to Expand EV Fleet in 2026

INTRODUCTION

In 2026, Yulu, an electric mobility-as-a-service startup, announced a significant Series C funding round of $93M led by GEF Capital Partners. This substantial investment will fuel Yulu’s expansion plans, including quadrupling its active fleet and introducing new full-size electric scooters.

ABOUT YULU

Founded in 2017 by Amit Gupta, Naveen Dachuri, Anuj Tewari, and RK Misra, Yulu offers shared electric two-wheelers for urban commuting and last-mile delivery across 12 metropolitan areas and eight franchise-operated regional markets. The startup initially focused on low-speed electric scooters for short-distance urban travel but pivoted towards delivery workers during the Covid-19 pandemic.

FUNDING DETAILS

The Series C funding round comprised $63M in equity and $30M in debt. With this capital, Yulu aims to quadruple its active fleet to 2 lakh EVs over the next two years. The company also plans to expand its service-hub network and deepen partnerships with enterprise customers.

EXPANSION PLANS

Yulu’s expansion strategy includes launching Yulu Express, a full-size, high-payload electric scooter designed for ecommerce logistics, bike taxis, and express parcel delivery. This move marks Yulu’s expansion beyond the low-speed electric scooters that underpin its shared mobility and last-mile delivery operations.

MARKET DEMAND

The demand for electric two-wheelers from ecommerce, quick commerce, and last-mile logistics platforms is rising. The commercial segment is seeing high vehicle utilization due to its potential to lower running costs for delivery workers and mandates by state governments for companies to electrify their delivery fleets.

COMPETITIVE LANDSCAPE

Yulu’s fundraise comes amid a surge in investments in the electric mobility sector. For instance, River Mobility raised $120M in a Series C round to expand its manufacturing capacity for electric scooters. Other notable players include Bounce and Simple Energy, which recently raised ₹36 Cr and ₹126 Cr, respectively.

FAQs

**Q: What is Yulu’s current fleet size? **A: Yulu’s fleet collectively covers 2.5 Mn kilometres and facilitates more than 7.5 Lakh doorstep deliveries every day.

**Q: What is Yulu’s revenue growth? **A: Yulu reported an operating revenue of ₹237.4 Cr in FY25, up 98% from ₹119.9 Cr in the previous year.

**Q: What are Yulu’s expansion plans? **A: Yulu plans to quadruple its active fleet to 2 lakh EVs and introduce Yulu Express, a full-size electric scooter.

CONCLUSION

Yulu’s $93M Series C funding round highlights the growing demand for electric mobility solutions in India. With strategic expansion plans and a robust business model, Yulu is well-positioned to capitalize on the burgeoning market for electric two-wheelers.

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