# Yulu raises $93 mn to quadruple EV fleet, launch express

2026-08-12T15:39:34+00:00 | Business & Economy | Indian Opinion Desk

Corroboration: 2 independent outlets

Yulu raised $93 million (Rs 887 crore) in a Series C round led by GEF Capital, with $63 million in equity and $30 million in debt. The Bengaluru startup plans to double down on electric vehicle leasing for delivery workers, quadrupling its active fleet from 50,000 to 2 lakh two-wheelers over two years. It also launched Yulu Express, a full-size electric scooter for ecommerce logistics, bike taxis and parcel delivery, moving beyond its low-speed shared scooters. Livemint reports the company is targeting Rs 1,200-1,500 crore revenue before an IPO. Yulu ended FY25 with operating revenue of Rs 237.4 crore (up 98%) and a net loss of Rs 126 crore (down 12% YoY). The company says it has been EBITDA positive since April 2025. Its earlier investors include Magna International, Bajaj Auto, and a secondary exit was provided to some early backers through the current round.

## Coverage

- livemint.com <https://www.livemint.com/companies/yulu-funding-2026-electric-vehicle-startup-11786503231654.html>
- inc42.com <https://inc42.com/buzz/yulu-bags-93-mn-to-scale-ev-fleet-enter-full-size-electric-scooter-segment/>

Tags: e-mobility, electric vehicles, funding, GEF Capital Partners, startups, Yulu
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