Yulu

EV Mobility · Gig Economy · Logistics

Funding

Yulu Raises $93M Series C to Quadruple E-Bike Fleet for Gig Delivery

The startup says it only needs capital now to buy more physical vehicles, having already turned profitable last year.

• Yulu closed a $93 million Series C, comprising $63 million in equity led by GEF Capital Partners and $30 million in debt, to quadruple its EV fleet to 200,000 vehicles over two years.
• Founded in 2017 and backed by Bajaj Auto, Yulu rents electric two-wheelers to gig workers in quick-commerce, food delivery and other hyperlocal logistics across 12 Indian cities.
• The fresh capital will fund Yulu Express, a high-payload electric scooter aimed at e-commerce logistics, bike taxis and parcel delivery, pushing beyond the low-speed bikes it currently rents.
• Yulu's revenue grew sevenfold between FY23 and FY26 and the company has been EBITDA-positive since April 2025, with plans to turn profit-after-tax positive before an IPO.
• Quick-commerce now drives more than half of Yulu's business, up from personal commuting's original core, and the company says it turns away 200-300 users daily for lack of supply.
• The round underscores how India's quick-commerce boom is turning vehicle-fleet operators into essential gig-work infrastructure, with profitability arriving before scale rather than after.