Now Reading: Yulu raises Rs 775 crore for EV fleet expansion, new ventures
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Yulu raises Rs 775 crore for EV fleet expansion, new ventures
EV mobility startup Yulu has raised $93 crore (about Rs 775 crore) in a Series C round comprising $57.5 crore in equity from GEF Capital Partners and $30 crore in debt from…
The Story in Brief
EV mobility startup Yulu has raised $93 crore (about Rs 775 crore) in a Series C round comprising $57.5 crore in equity from GEF Capital Partners and $30 crore in debt from two European lenders. The company plans to quadruple its fleet from 50,000 to 2,00,000 vehicles over two years and expand from 12 to 20 cities in 12 months. It also launched a new vertical, Yulu Express, for e-commerce logistics and bike taxis.
Founder Amit Gupta said the company became Ebitda positive in April 2024 and aims for profitability before an IPO, targeting revenue of Rs 1,200-1,500 crore. Yulu's FY25 revenue was $28.6 crore, with a net loss of $14.9 crore, down from $17.3 crore in FY24. The secondary component of $5.5 crore allowed early investors like Freshworks' Mathrubootham and Flipkart's Bansal to partially exit.
The Indian Opinion
The Yulu funding is portrayed mostly as a clean-signal for India's EV mobility story. But the fact that two European lenders remain unnamed and that $30 crore of the total is debt should temper the triumphalism. Debt is not risk-free equity. Also, the company is Ebitda positive but still loss-making; the path to Rs 1,200-1,500 crore revenue before an IPO is steep. The real test is whether Yulu Express can sustain low CAC in competitive quick-commerce logistics without burning cash.
Source: livemint.com
This story was synthesised by AI from the source linked above.
