Indian electric mobility company Yulu is stepping up its expansion plans after securing $93 million in fresh funding, giving the Bengaluru-based startup significant new capital to grow its electric vehicle network and move deeper into urban mobility and logistics.
The latest Series C round combines $63 million in equity with $30 million in debt, with the equity portion led by GEF Capital Partners. Yulu has described the fundraising as its largest capital raise so far.
The company now has an ambitious target: increasing its active electric vehicle fleet to approximately 200,000 vehicles within the next two years. That would represent roughly a fourfold increase from its current active fleet and marks a significant change in scale for the company.
Yulu is not planning to spend the new capital only on adding more vehicles. The startup intends to strengthen its network of service hubs and build deeper partnerships with businesses that depend on efficient last-mile transportation.
The company is also preparing to expand into additional intra-city mobility segments. One of its upcoming initiatives is Yulu Express, a larger, high-payload electric scooter designed with commercial use cases in mind. The vehicle is expected to target areas such as e-commerce logistics, bike-taxi services and faster parcel delivery.
This expansion reflects a broader shift in India’s electric mobility market. EV demand is no longer limited to personal transportation. Businesses are increasingly looking at electric two-wheelers for delivery operations because of their potential to reduce operating costs while supporting cleaner urban transportation.
Yulu’s strategy puts it at the intersection of several growing markets: shared mobility, electric vehicles, urban logistics and last-mile delivery. Instead of depending on a single transportation use case, the company is attempting to build a broader mobility platform that can serve both individual riders and commercial customers.
The fresh funding also comes with an important strategic objective. Yulu is working toward eventually becoming a public company and has said that the new capital will help accelerate its preparations for a potential listing. The startup has not disclosed its valuation as part of the latest funding announcement.
Yulu’s relationship with major automotive player Bajaj Auto has also been an important part of its growth story. The company has previously received strategic investment from Bajaj, while earlier funding rounds helped it expand its shared electric mobility operations. Yulu’s own previous announcements show that the company has been scaling its EV and mobility business over several funding cycles.
The latest fundraising therefore represents more than another startup investment round. For Yulu, the challenge now shifts from raising capital to deploying it effectively. Expanding to 200,000 active EVs will require substantial investment in vehicles, charging and servicing infrastructure, technology, operations and partnerships.
The company’s next phase will also test whether electric mobility can become a profitable and scalable solution across multiple urban transportation categories. Its push into logistics and commercial mobility could prove particularly important as India’s e-commerce and quick-delivery sectors continue to depend heavily on last-mile transportation.
With $93 million secured and a target of 200,000 electric vehicles, Yulu is entering one of the most ambitious stages of its growth journey. If the company can successfully combine fleet expansion with stronger enterprise partnerships and new mobility products, the Bengaluru startup could strengthen its position in India’s rapidly evolving electric mobility ecosystem.
For India’s startup industry, the Yulu funding round is another indication that investors continue to see opportunities in businesses connecting electric vehicles, technology and urban infrastructure. The next two years will determine whether Yulu can turn that investment into the scale and business performance it is targeting.