Indian electric mobility startup Yulu has raised $93M in a Series C comprising $63M in equity led by GEF Capital Partners and $30M in debt. People familiar with the deal told TechCrunch the round values the company at about $170M post-money.
The model is subscription-based: gig workers rent the two-wheelers by the week instead of buying them, an arrangement that keeps entry costs near zero. Yulu’s fleet of about 50,000 bikes now covers more than 750,000 daily deliveries, with riders logging roughly 1.6M zero-emission miles each week.
Roughly 95% of revenue flows from renting e-bikes to gig workers on weekly subscriptions, with the remainder coming from station-based rentals in Bengaluru. Existing backers Bajaj Auto and Magna International waived their pre-emptive rights and sat out this round, letting GEF take its target stake.
Yulu is now introducing Yulu Express, a higher-speed scooter for longer-haul e-commerce deliveries, bike taxis and express parcels. A third or so of the planned 200,000-vehicle fleet will be this model, Gupta said. Around 500 units already run in Bengaluru, with trials in three more cities.
Amit Gupta, the co-founder and CEO, frames the round as the last equity infusion before a planned listing. Yulu reached positive EBITDA in its last fiscal year and now targets break-even before interest and taxes next year, after growing revenue seven-fold from fiscal 2023 to fiscal 2026.
The startup runs in 12 Indian cities today and wants roughly 20 within a year, targeting Chennai and Pune among others. Gupta describes the company as “the AWS of mobility,” supplying the infrastructure that lets delivery workers earn without owning assets.
