New Delhi, Aug. 12 -- Yulu, a mobility-as-a-service startup platform, raised $87.5 million as part of its Series C round in a mix of equity and debt to expand its electric vehicle operations, the company said on Wednesday.

"Over the next two years, we plan to quadruple the number of vehicles on the road from 50,000 to 200,000," company co-founder and chief executive Amit Gupta said in an interview with Mint. "A portion of those vehicles will be bought through the equity we've raised, but the rest through debt or leasing."

Of the $93 million round, $57.5 million came from global private equity firm GEF Capital Partners, which focuses on backing companies combating climate change and pollution.

A secondary component of $5.5 million from ...