Electric mobility-as-a-service (MaaS) platform Yulu has raised $93 million in a Series C funding round through a combination of $63 million in equity led by GEF Capital Partners and $30 million in debt.
The Bengaluru-based company had previously raised $19.25 million (about Rs 160 crore) from existing investors Magna and Bajaj Auto in February 2024. It also raised $82 million in a Series B round in September 2022 and $3 million in debt financing in January 2022.
Yulu plans to use the fresh capital to quadruple its active fleet to 200,000 electric vehicles over the next two years, expand into new urban mobility use cases and support its plans for a potential public market listing. The company currently operates across 12 primary metros and eight franchise-operated regional markets.
Founded in 2017 by Amit Gupta, Anuj Tewari, RK Misra, and Naveen Dachuri, Yulu operates a technology-enabled fleet of electric two-wheelers for urban mobility and last-mile delivery. Its fleet is currently around 50,000 vehicles, with the company planning to expand its presence to about 20 cities over the next year.
According to Yulu, its fleet covers 2.5 million zero-emission kilometres and facilitates more than 750,000 doorstep deliveries every day. The company claims its vehicles support more than 15% of quick-commerce deliveries across India’s top four metropolitan centres.
Yulu also plans to enter adjacent intra-city mobility segments with Yulu Express, a full-sized, high-payload electric scooter designed for ecommerce logistics, bike taxis and express parcel delivery. Around one-third of its planned 200,000-vehicle fleet is expected to comprise the new model.
Yulu nearly doubled its operating revenue to Rs 237.4 crore in FY25 from Rs 120 crore in FY24, while its net loss declined 12% to Rs 126 crore. The company has since reported positive EBITDA from April 2025 and said its revenue grew sevenfold between FY23 and FY26.
The MaaS segment spans last-mile delivery, employee transportation, urban commuting, EV rentals and fleet electrification. Startups in the space use software, fleet management and charging infrastructure to improve vehicle utilisation and reduce operating costs.
Other funded players include Zypp Electric, which offers EV-as-a-service for last-mile deliveries and had raised $25 million from Gogoro, followed by a $15 million investment from ENEOS. Alt Mobility, an EV leasing and MaaS platform for commercial fleets, raised $6 million in 2024. Lithium Urban Technologies provides zero-emission corporate transportation through its EV fleet and charging infrastructure.
Other notable players include SmartE, which focuses on electric auto-rickshaws for first- and last-mile connectivity, and BluSmart, which built an electric ride-hailing and charging network before suspending its ride-hailing operations in 2025.