India, Aug. 12 -- Electric mobility service provider Yulu has raised $93 Mn (about Rs.887.5 Cr) in its Series C funding round led by GEF Capital Partners as it looks to expand its fleet and enter the full-size electric two-wheeler segment.

The round comprised $63 Mn in equity and $30 Mn in debt.

The Bengaluru-based startup plans to use the fresh capital to quadruple its active fleet to 2 Lakh EVs over the next two years. It will also expand its service-hub network and deepen partnerships with enterprise customers.

As part of its expansion, Yulu plans to launch Yulu Express, a full-size, high-payload electric scooter designed for ecommerce logistics, bike taxis and express parcel delivery.

This will mark Yulu's expansion beyond the low...