Electric mobility service provider Yulu has raised $93 million in a Series C funding round led by GEF Capital Partners to scale its electric vehicle fleet and enter the full-size electric two-wheeler segment, the company announced. The Bengaluru-based startup plans to use the capital to quadruple its active fleet to 200,000 EVs over the next two years and expand its service-hub network.
The $93 million round includes $63 million in equity and $30 million in debt financing. Founded in 2017 by Amit Gupta, Naveen Dachuri, Anuj Tewari, and RK Misra, Yulu offers shared electric two-wheelers for urban commuting and last-mile delivery across 12 metropolitan cities and eight franchise-operated regional markets. The company intends to launch Yulu Express, a full-size, high-payload electric scooter aimed at ecommerce logistics, bike taxis, and express parcel delivery.
Yulu’s move into the full-size electric scooter segment marks a strategic expansion beyond its existing low-speed electric scooters, which have been primarily used for short-distance urban travel and delivery services linked to platforms such as Swiggy, Zomato, Zepto, and Blinkit. The fresh funding will also deepen partnerships with enterprise customers and support the growth of shared mobility and last-mile delivery solutions in India’s growing electric vehicle market.
The startup has not disclosed whether Yulu Express will be sold directly to individuals and enterprises or offered through its current rental and subscription models. Yulu’s plan to scale to 200,000 active EVs and launch a new product line highlights its ambition to capture a larger share of India’s electric mobility sector, which continues to attract significant investor interest.