Cars & Mobility
Yulu raises $93 million to scale India’s delivery fleet
India’s Yulu raises $93 million to expand its electric delivery fleet from 50,000 to 200,000 vehicles and launch its higher-speed Yulu Express scooter.
Yulu has raised $93 million to expand the electric two-wheeler fleet it rents to delivery workers across India, as quick-commerce services push for faster and longer-range logistics. TechCrunch reports that the Bengaluru-based startup plans to grow from about 50,000 vehicles today to 200,000 bikes within two years.
Yulu says its fleet currently supports more than 750,000 deliveries a day and covers about 1.6 million zero-emission miles each week. Riders typically access the vehicles through weekly subscriptions rather than purchasing their own bikes; about 95% of Yulu’s revenue now comes from those gig-worker rentals. The remainder comes from its station-based rental service in Bengaluru.
The Series C financing includes $63 million in equity led by GEF Capital Partners and $30 million in debt financing. Around $5.5 million of the equity was used to buy shares from seed investors nearing the end of their investment period, CEO and co-founder Amit Gupta told TechCrunch.
People familiar with the matter put Yulu’s post-money valuation at about $170 million. Gupta declined to comment on the figure but did not dispute it. Existing investors Bajaj Auto and Magna International did not participate after waiving their pre-emptive rights, allowing GEF to acquire its targeted ownership stake.
Gupta said Yulu expects this to be its final equity fundraising before a potential public listing. The company plans to finance future fleet growth mainly through debt and leasing, and is targeting profitability before interest and taxes in 2027 after achieving positive EBITDA in the financial year ending in 2026. Yulu also reported sevenfold revenue growth between fiscal 2023 and fiscal 2026, without disclosing revenue figures.
Yulu Express targets longer delivery routes
Yulu is also adding a full-sized, higher-speed electric scooter called Yulu Express. The model is intended for longer-distance e-commerce deliveries, bike taxis, and express parcel services that the company’s existing low-speed vehicles could not adequately cover.
About one-third of the planned 200,000-vehicle fleet will consist of Yulu Express scooters. Yulu’s current low-speed vehicles are built by Bajaj Auto, while the new scooter is being supplied by another Indian manufacturer that Gupta did not identify.
About 500 Express vehicles are already operating in Bengaluru, with trials under way in three additional cities. Yulu currently operates in 12 Indian cities: it runs its own operations in Bengaluru, Mumbai, Delhi-NCR, and Hyderabad, while franchisees cover eight other markets. The company aims to reach roughly 20 cities within the next year, with Chennai and Pune among its expansion targets.
Yulu says it works with nearly every major quick-commerce, food-delivery, and e-commerce platform, including Amazon and Walmart-owned Flipkart. The platforms are not its direct customers, however; the riders rent the bikes themselves.
“The AWS of mobility.”
— Amit Gupta, co-founder and CEO of Yulu
That comparison reflects Yulu’s stated strategy: provide the vehicles and infrastructure delivery workers need without requiring them to buy a vehicle or use a third-party logistics provider that takes a cut.