Yulu Raises ₹887 Crore in Series C Funding Round to Scale Hyperlocal, Q-Commerce Presence

Electric mobility startup Yulu, best known for its e-bikes used by quick commerce and other gig-economy delivery drivers, has announced the closing of its Series C funding round. The company has raised $93 million (approximately ₹887.01 crore), of which $63 million (₹600 crore) is equity led by GEF Capital Partners, and $30 million (₹286 crore) is debt. This is the largest capital raise ever for the company, which was founded in 2017 as a last-mile electric mobility solution provider for urban commuters.

The company claims leadership in the quick-delivery and hyper-local services markets, and boasts of a vertically integrated electric vehicle ecosystem with its own purpose-built e-bikes, proprietary technology, and charging infrastructure. According to the funding announcement, Yulu aims to capture growing demand for urban logistics with a focus on sustainability by quadrupling its fleet from around 50,000 active e-bikes across India to 2,00,000 within the next two years. This will also mean expanding the company’s service hubs.

Along with its strategic expansion, Yulu is also launching Yulu Express, a full-sized electric scooter capable of carrying large payloads for e-commerce and other delivery requirements as well as bike taxi operations within cities.

The company, which raised its Series B round in 2022, has also disclosed some of its financials as it works towards an IPO within a few years. Revenue has increased 7X between FY 2023 and FY 2026, EBITDA has been positive since April 2025.

With operations in 12 leading metro cities and a presence in eight other regional markets through a franchise-operated model, Yulu says its fleet logs 25 lakh kilometres and facilitates over 7.5 lakh doorstep deliveries every day. The company claims over 15 percent share of all quick-commerce deliveries across India’s top four metros.

The electric bikes cut down on emissions, and also lower operating costs for gig workers, helping them optimise earnings, according to the company.

Amit Gupta, Co-founder and CEO, Yulu, said “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." He added "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 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."