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Yulu Raises $93M to Expand E-Bike Fleet for India's Quick-Commerce Delivery Market
Key points
- Yulu raised $93 million in Series C funding ($63M equity, $30M debt).
- The startup plans to grow its fleet from 50,000 to 200,000 bikes.
- Funding supports demand from India's quick-commerce delivery sector.
- Yulu will launch a new, higher-speed electric scooter, Yulu Express.
Funding for Fleet Expansion
Yulu, an electric mobility startup based in Bengaluru, has successfully raised $93 million in a Series C funding round. This capital infusion comprises $63 million in equity, led by GEF Capital Partners, and an additional $30 million in debt financing. A portion of the equity, $5.5 million, was used to repurchase shares from early seed investors.
Meeting Quick-Commerce Demand
The funding will enable Yulu to significantly expand its electric two-wheeler fleet from approximately 50,000 vehicles to 200,000 over the next two years. This expansion is driven by the increasing demand from India's quick-commerce platforms, which rely on electric bikes for rapid deliveries. Yulu currently facilitates over 750,000 deliveries daily, logging 1.6 million zero-emission miles weekly.
Strategic Business Evolution
Initially founded in 2017 for urban commuters, Yulu shifted its focus during the COVID-19 pandemic to cater to the booming food and grocery delivery market. Currently, 95% of its revenue comes from renting electric bikes to gig workers via weekly subscriptions. The company has also discontinued its plan to sell bikes directly to consumers and is moving towards profitability, having achieved positive EBITDA last fiscal year.
New Product Introduction
To support its growth, Yulu is introducing a new product called Yulu Express. This full-sized, higher-speed electric scooter is designed for longer-haul logistics use cases, expanding the company's offerings beyond its current fleet of subscription-based e-bikes for gig workers.
✨ This summary was generated by AI from the outlets' reporting listed below. It is not independently verified and may contain errors — check the original sources. How BrevFeed works →
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Reporting from
Indian electric mobility startup Yulu secured $93 million in Series C funding to expand its fleet of electric two-wheelers from 50,000 to 200,000 bikes over the next two years. This funding will support the growing demand for e-bikes from quick-commerce delivery drivers in India, allowing Yulu to introduce faster electric two-wheelers for new logistics use cases.