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Indian electric mobility startup Yulu has secured $93 million in fresh funding to capitalize on the country’s rapidly expanding quick-commerce sector. The Bengaluru-based company, which provides electric two-wheelers through weekly subscription models for delivery workers, currently operates a fleet of approximately 50,000 vehicles. The financing round, led by GEF Capital Partners with $63 million in equity and $30 million in debt financing, valued the company at roughly $170 million.
Yulu plans to leverage the new capital to expand its fleet to 200,000 bikes within two years while introducing faster electric scooters designed for diverse logistics applications. The startup’s business model has evolved significantly since its 2017 launch as an urban bike-sharing platform. During the COVID-19 pandemic, the company pivoted to supply rental bikes to gig workers, a segment that now accounts for approximately 95 percent of its revenue. The company’s vehicles currently enable over 750,000 daily deliveries across Indian cities.
The startup is introducing Yulu Express, a full-sized, higher-speed electric scooter intended for longer-distance deliveries, bike taxi services, and parcel logistics. Approximately one-third of the planned 200,000-vehicle expansion will consist of this new model, with prototypes already operating in Bengaluru and undergoing trials in three additional cities. Yulu currently operates across 12 Indian cities and targets expansion to roughly 20 cities within the next year, including Chennai and Pune.
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Originally reported by Techcrunch →
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