The Yulu Series C funding round, announced at $93 million, is the largest capital raise in the Bengaluru-based electric mobility startup’s history, according to The Pack. The timing is no accident: India’s quick-commerce platforms have spent the past two years in a race to deliver groceries, electronics, and pharmaceuticals in under ten minutes, and that race runs, in large part, on two wheels.
Yulu sits at the infrastructure layer of that supply chain. Rather than selling bikes, it rents them to gig workers on weekly subscriptions, letting delivery riders enter the economy without capital outlay. The company reports roughly 1.6 million zero-emission miles logged each week and more than 750,000 deliveries completed daily across its current fleet of about 50,000 vehicles.
Yulu Series C Funding: Structure, Valuation, and Who Led the Round
The round breaks into $63 million in equity, led by Washington, D.C.-based sustainability-focused private equity firm GEF Capital Partners, and $30 million in debt financing. GEF, which raised $325 million in April 2024 to back midsize companies that help businesses consume energy more efficiently, took its target ownership stake after existing investors Bajaj Auto and Magna International waived their pre-emptive rights and did not participate.
About $5.5 million of the equity component went to buying shares from seed investors whose funds were approaching the end of their investment life, co-founder and CEO Amit Gupta said. The deal valued Yulu at roughly $170 million post-money, according to people familiar with the matter, a figure Gupta declined to confirm but did not dispute.
DC Advisory served as financial adviser to Yulu on the transaction.
Alipt Sharma, Partner at GEF Capital, said Yulu has ‘demonstrated that sustainable mobility can also be a compelling and scalable business’ and described the company as having ‘clear market leadership in an increasingly important segment of urban transportation.’
Fleet Expansion, a New Scooter, and the Path to Profitability
Yulu plans to grow its fleet from roughly 50,000 to 200,000 vehicles over the next two years, with around a third of that expanded fleet made up of a new model: the Yulu Express, a full-sized, higher-speed electric scooter built for longer-haul e-commerce deliveries, bike taxis, and express parcel services. About 500 of the new scooters are already running in Bengaluru and being trialled in three additional cities, Gupta said. The manufacturer of the new model is a different Indian company from Bajaj Auto, which builds Yulu’s current low-speed fleet; Gupta declined to name the supplier.
The geographic footprint is also expanding. Yulu currently runs its own operations in Bengaluru, Mumbai, Delhi-NCR, and Hyderabad, and works through franchisees in eight other markets, reaching 12 cities in total. Gupta said the company aims to be in roughly 20 cities within the next year, with Chennai and Pune among the priority targets.
On the financial side, Evertiq reports that Yulu reached EBITDA positivity in April 2025, and the company’s revenue has grown seven-fold since its Series B in 2022. Gupta told the original interviewer that the business expects to be profitable before interest and taxes next year, with future fleet expansion funded primarily through debt and lease financing rather than further equity raises. He described this Yulu Series C funding round as the company’s final equity round before an eventual public listing.
About 95% of Yulu’s revenue comes from weekly bike subscriptions to gig workers, with the remainder generated by its station-based rental service in Bengaluru. The startup quietly abandoned an earlier plan to sell bikes directly to consumers, pivoting fully to the subscription model after the pandemic accelerated demand for food and grocery delivery.
Gupta positions Yulu as the shared backbone of the delivery economy rather than a participant in it. He compared its role to ‘the AWS of mobility’: the company supplies infrastructure that lets gig workers operate across platforms including Amazon and Walmart-owned Flipkart, without the platforms themselves taking a cut of the vehicle arrangement. Bajaj Auto, which lists Yulu Bikes Private Ltd. as an investment holding in its FY2026 Annual Report, retains a relationship with the company as vehicle manufacturer even after stepping back from the funding round, as does Magna International as a strategic partner.
The test of that infrastructure thesis will come at scale: whether 200,000 bikes and a faster scooter can convert quick-commerce’s relentless growth into the unit economics a public market will reward.
