Now Reading: Yulu raises $93 mn to quadruple EV fleet, launch express
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Yulu raises $93 mn to quadruple EV fleet, launch express
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…
The Story in Brief
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.
The Indian Opinion
The buzz around EV delivery startups often ignores their thin margins. Yulu’s revenue doubled to Rs 237 crore in FY25 but losses still ate up half of that. Narratives of a green mobility boom must be weighed against the fact that overall EV funding has fallen since 2023. The real test: can Yulu scale revenue to Rs 1,200-1,500 crore and turn profitable before its planned IPO? That number will determine if investors’ faith is justified.
Sources (2): livemint.com, inc42.com
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
