Electric mobility-as-a-service (MaaS) platform Yulu on Wednesday said it has raised $93 million in its Series C funding round, which comprised $63 million in equity and $30 million in debt.
The equity component was led by GEF Capital Partners.
The company said the fresh capital will be used to quadruple its active fleet to 200,000 EVs over the next two years, expand its service hubs and deepen strategic enterprise partnerships.
Yulu will also enter adjacent intra-city mobility segments with the launch of Yulu Express, a full-sized, high-payload electric scooter designed for e-commerce logistics, bike taxis and express parcel delivery.
“Yulu was built on the conviction that hyper-local mobility requires purpose-built vehicles along with suitable infrastructure, deep technology integration, and uncompromising unit economics,” said Amit Gupta, Co-founder & CEO of Yulu.
“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,” Gupta said.
Founded in 2017 and headquartered in Bengaluru, Yulu operates an electric mobility-as-a-service platform across Bengaluru, Mumbai, Delhi NCR and Hyderabad. The company operates a tech-enabled fleet of electric two-wheelers and has clocked more than 2.2 billion kilometres in cumulative user rides.
Yulu had raised $82 million in its Series B round in 2022, led by mobility technology company Magna International. Since then, the company said its revenue has grown sevenfold between FY2023 and FY2026, while it has maintained positive EBITDA since April 2025.
Yulu said the improvement in profitability and operating leverage will support its readiness for a potential IPO in the coming years.
“Over the years, the company has built a differentiated platform with strong operational capabilities, disciplined capital allocation and clear market leadership in an increasingly important segment of urban transportation. As India’s cities continue to evolve, we believe shared electric mobility will become an integral part of urban infrastructure, and Yulu is exceptionally well positioned to lead that transition,” said Alipt Sharma, Partner at GEF Capital.
