Yulu raises $93M Series C as quick-commerce fuels e-bike demand
What's the deal? Bengaluru-based electric mobility startup Yulu has raised $93 million in a Series C round led by GEF Capital PartnersDealroom has a profile for this one. Try Dealroom →, valuing the company at about $170 million post-money. The round comprised $63 million in equity and $30 million in debt financing.
What does it do? Yulu rents electric two-wheelers to delivery drivers on weekly subscriptions, letting them work for platforms without buying their own vehicle. Its fleet of around 50,000 vehicles logs roughly 1.6 million miles a week and powers more than 750,000 deliveries a day.
Why now? India's quick-commerce platforms are racing to deliver groceries, smartphones, and more in minutes, driving demand for cheap, on-demand mobility. About 95% of Yulu's revenue now comes from renting bikes to gig workers, with the rest from station-based rentals in Bengaluru.
What's the endgame? The funding will grow the fleet to 200,000 bikes over two years and add a faster scooter, Yulu Express, for longer-haul deliveries and bike taxis. Chief executive officer Amit Gupta said the startup expects this to be its final equity raise before an eventual public listing, financing future expansion through debt and leasing.
By the numbers: Yulu's revenue grew seven-fold between fiscal 2023 and fiscal 2026, Gupta said, and the company reached positive EBITDA last financial year. It expects to become profitable before interest and taxes next year. About $5.5 million of the equity went to buying out seed investors nearing the end of their fund life.
What's changed? Existing backers Bajaj AutoDealroom has a profile for this one. Try Dealroom → and Magna InternationalDealroom has a profile for this one. Try Dealroom → sat out the round after waiving their pre-emptive rights, letting GEF take its target stake. Yulu now operates in 12 Indian cities and aims to reach roughly 20 within a year, targeting Chennai and Pune.
The signal: At $93 million, Yulu's raise ranks in the 95th percentile of all-time Series C rounds for India-based mobile app startups — a sign that investors see India's delivery boom outlasting the quick-commerce hype cycle.
Read more: TechCrunch
Image credit: Generated with Gemini
