India's fast-growing quick-commerce market is giving electric mobility a fresh tailwind, and Yulu is moving quickly to match it. The Bengaluru-based startup has raised $93 million in new funding to scale its subscription-based electric two-wheeler network for delivery workers.
Yulu currently operates a fleet of about 50,000 electric vehicles, which it says supports more than 750,000 deliveries a day and covers roughly 1.6 million miles each week. The company plans to expand that fleet to 200,000 bikes over the next two years, while also introducing faster models designed for a wider range of logistics needs.
The Series C round included $63 million in equity led by GEF Capital Partners and $30 million in debt. A portion of the equity was used to buy shares from early investors, according to the company. Yulu's leadership says the business is approaching profitability and expects future expansion to rely more on debt and lease financing than on repeated equity rounds.
Founded in 2017 as a bike-sharing platform, Yulu found stronger momentum during the pandemic as delivery demand surged. Today, about 95% of revenue comes from weekly rentals to gig workers, while the rest comes from station-based rentals in Bengaluru.
To widen its use cases, the company is rolling out Yulu Express, a higher-speed electric scooter aimed at longer-distance e-commerce deliveries, bike taxis, and express parcel services. Around 500 units are already in use in Bengaluru, with trials underway in three more cities.
Yulu operates in 12 Indian cities and plans to reach about 20 within the next year, including Chennai and Pune. With its growing role in urban logistics, the company is positioning electric mobility as core infrastructure for the next phase of delivery in India. This shift could help shape a more efficient and scalable urban transport future.
