Yulu secures $93m Series C funding
Yulu has raised $93 million in Series C funding to expand its electric mobility fleet, scale quick-commerce deliveries and strengthen its urban mobility business.
Yulu's Co-founders (L-R): Anuj Tewari, Naveen Dachuri, RK Misra and Amit Gupta
Yulu, India’s electric mobility-as-a-service platform, has raised $93 million in its Series C funding round to accelerate its expansion in quick-delivery and hyperlocal services. The funding comprises $63 million in equity led by GEF Capital Partners and $30 million in debt, marking the largest capital raise in Yulu’s history.
The company said the fresh capital will support its next phase of enterprise growth and strengthen its position in India’s growing quick-delivery and hyperlocal mobility market.
Since its Series B round in 2022, Yulu has expanded rapidly while maintaining financial discipline, supported by favourable regulations and localised technology. Its revenue grew sevenfold between FY2023 and FY2026, while the company has maintained positive EBITDA since April 2025, reflecting resilient unit economics and improving operating leverage.
Yulu is also strengthening its profitability as it prepares for a potential IPO in the coming years. The company operates across 12 major metros, including Bengaluru, Mumbai, Delhi-NCR, and Hyderabad, as well as eight franchise-led regional markets. Its fleet covers 2.5 million zero-emission kilometres daily and supports more than 750,000 doorstep deliveries. Yulu also accounts for over 15% of quick-commerce deliveries across India’s four largest metropolitan markets.
Amit Gupta, Co-founder & CEO of Yulu, said, “Securing this Series C capital is a validation of our business model, a massive headroom for demand, our execution capability, and the platform maturity we have built. As we scale our fleet fourfold over the next few quarters and launch high-capacity vehicle form factors, Yulu is positioned to remain the definitive backbone of India’s urban hyper-local mobility economy while transitioning seamlessly toward the public markets.”
Whereas Alipt Sharma, Partner at GEF Capital, said, “Yulu has demonstrated that sustainable mobility can also be a compelling and scalable business.”
He added, over the years, Yulu has developed a differentiated platform backed by strong operational capabilities, disciplined capital allocation and a leading position in urban mobility. As Indian cities evolve, shared electric mobility is expected to become an increasingly important part of urban infrastructure. GEF Capital Partners said Yulu is well-positioned to benefit from this shift, adding that its investment reflects confidence in the company’s leadership, growth potential, and ability to expand into new markets and use cases.
GEF Capital Partners continued that it was pleased to partner with Yulu at this stage of its growth, expressing strong confidence in the company’s potential to become a leading urban mobility player in India. The investment reflects its belief in Yulu’s growth prospects as it expands into new markets and applications.
