India's Yulu raises $93M to expand e-bike fleet for quick-commerce
Original: India’s Yulu raises $93M as quick-commerce boom fuels e-bike demand
Why This Matters
Yulu's growth reflects the surging demand for last-mile EV logistics infrastructure in India's expanding quick-commerce market.
Bengaluru-based electric two-wheeler startup Yulu has raised $93M in a Series C round led by GEF Capital Partners, comprising $63M equity and $30M debt. The company plans to grow its fleet from 50,000 to 200,000 bikes over two years, targeting India's booming quick-commerce delivery sector.
Yulu, founded in 2017 as an urban bike-sharing service, pivoted during COVID-19 to focus on renting electric two-wheelers to gig delivery workers on weekly subscription plans. Today, approximately 95% of its revenue comes from this model. The company currently operates around 50,000 vehicles across 12 Indian cities, logging roughly 1.6 million zero-emission miles per week and supporting over 750,000 deliveries daily. The Series C round was led by GEF Capital Partners, with existing investors Bajaj Auto and Magna International waiving pre-emptive rights. Post-money valuation stands at approximately $170 million. About $5.5 million of the equity was used to buy out seed investors. CEO Amit Gupta stated the company achieved positive EBITDA last fiscal year and expects pre-interest, pre-tax profitability next year. Revenue grew seven-fold between fiscal 2023 and fiscal 2026. Yulu is also launching a new high-speed scooter called Yulu Express for longer-haul e-commerce, bike taxis, and parcel services. Around 500 units are already deployed in Bengaluru with trials in three additional cities. Gupta described this round as likely the company's final equity raise before an eventual IPO.