New Delhi, Aug. 12 -- Electric two-wheeler mobility company Yulu has closed its Series C round, securing $93 million (around Rs 887 crore) in a mix of equity and debt.
The equity round was led by climate-focussed investor GEF Capital Partners and saw participation from other investors as well.
Yulu will use the capital to fuel its fleet expansion, its entry into additional hyperlocal mobility use-cases, and its path towards public market listing, it said in a statement. It is aiming to quadruple its active fleet to 200,000 EVs within the next 2 years.
"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," said Amit Gupta, co-founder and chief executive of Yulu.
"As part of its Series C round, Yulu has raised $63 million in equity led by GEF Capital Partners, and another $30 million in debt financing," a Yulu spokesperson said, in a response to a query from VCCircle. They added that about $5.5 million of the equity component was used to buy shares from seed investors.
The latest fundraise comes after its post-series B round, done over two tranches in 2025 and 2024, when they raised capital from existing investors Magna and Bajaj. Yulu secured $11.3 million from several investors including the two names in 2025, and had raised Rs 160 crore ($19.25 million) in equity funding from them in 2024, according to Tracxn. Its Series B round was in 2022 when it raised Rs 653 crore (about $82 million) in its Series B funding round led by Magna in September 2022.
Founded in 2017 by Amit Gupta, Yulu provides last-mile connectivity via electric bikes. It also operates EV charging and battery swapping networks. It claims that, since its inception, it has catered to 4 million users. In the past, Yulu Bikes had bagged funds from Rocketship.vc, Blume Ventures, 3one4 Capital, Tracxn Labs and Incubate Capital Partners.
Yulu said that its revenue has grown 7x from 2023. It has reported a revenue of Rs 46.6 crore in FY23, which jumped to Rs 122.8 crore in FY24 and to Rs 241.9 crore in FY25, according to Tracxn. It also claims to be operating with positive EBITDA since April 2025, and is now targeting a public listing in the coming years.
Currently, it is operational across 12 primary metros including Bengaluru, Mumbai, Delhi-NCR and Hyderabad, and eight franchise-operated regional markets. It has a market share of more than 15% of all quick-commerce deliveries across India's top four metropolitan centres.
The company is also planning to enter adjacent intra-city mobility verticals with the launch of Yulu Express, a full-sized, high payload electric scooter built for e-commerce logistics, bike taxis and express parcel delivery.
"Yulu has demonstrated that sustainable mobility can also be a compelling and scalable business," said Alipt Sharma, partner at GEF Capital. "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."
Published by HT Digital Content Services with permission from VC Circle.