Yulu has raised US$93 million in its Series C funding round, marking the largest fundraising round in the company’s history. The round comprises US$63 million in equity led by GEF Capital Partners and US$30 million in debt.
The fresh capital will support Yulu’s expansion across India’s rapidly growing electric last-mile and hyper-local delivery ecosystem.
Fourfold Fleet Expansion Planned
Yulu plans to quadruple its EV fleet to 200,000 vehicles within two years, while expanding its service hubs and strengthening partnerships with enterprise customers.
Key priorities include:
- Scaling its electric mobility fleet across major urban markets
- Expanding service and operational hubs
- Deepening enterprise delivery partnerships
- Developing purpose-built commercial EVs
The company is also preparing to launch Yulu Express, a high-payload electric scooter designed specifically for e-commerce and delivery applications. The move marks a broader shift from passenger mobility toward commercial EV solutions for urban logistics.
Strong Financial Momentum
Yulu says its business has made significant progress since its Series B round in 2022. Revenue is projected to grow sevenfold between FY2023 and FY2026, while the company has maintained positive EBITDA since April 2025.
Its existing fleet currently supports around 750,000 daily deliveries and has recorded approximately 2.5 million zero-emission kilometres. Yulu estimates its operations help avoid around 2 million kg of CO₂ emissions every month.
A Bet on EV Utilisation
The funding highlights growing investor confidence in EV businesses built around strong utilisation and unit economics, rather than fleet size alone.
Yulu’s next challenge will be executing its fourfold fleet expansion while maintaining high utilisation, vehicle reliability and positive economics as India’s electric urban logistics market scales.
