Bengaluru-based Yulu, an electric mobility startup that runs shared electric vehicle services in India, said it has completed a US$93 million series C round led by GEF Capital.

The round includes US$63 million in equity and US$30 million in debt, which Yulu plans to use to expand its fleet and urban logistics business.

The company said the funding will help grow its active fleet to 200,000 electric vehicles within two years.

It will also support the launch of Yulu Express, a full-sized, high-payload electric scooter for ecommerce logistics, express parcel delivery, and potentially bike taxis where regulations allow.

Yulu operates about 45,000 EVs, so the target marks an increase from its current scale.

The startup previously raised US$82 million in a 2022 series B round led by Magna International and Bajaj Auto.

Other backers include Bajaj Auto, Wavemaker, 3one4 Capital, Blume Ventures, and Rocketship.vc.

Yulu said its revenue grew 7x from FY2023 to FY2026 and that it has maintained positive EBITDA since April 2025 as it works toward a public listing in the next few years.

🔗 Source: Yulu

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