Electric mobility-as-a-service company Yulu has raised $93 million in a Series C funding round led by GEF Capital Partners.

The funding comprises $63 million in equity and $30 million in debt.

The Bengaluru-based company plans to use the proceeds to increase its active fleet fourfold to 200,000 electric vehicles over the next two years, expand its service hub network, and strengthen enterprise partnerships.

Yulu also plans to launch Yulu Express, a full-sized, high-payload electric scooter designed for e-commerce logistics, bike taxis, and express parcel delivery services.

The company operates an electric mobility platform that includes purpose-built vehicles, technology, and energy infrastructure. It has strategic partnerships with Bajaj Auto and Magna International.

According to the company, its revenue increased sevenfold from financial year (FY) 2023 FY 2026. The company plans to improve profitability and operating leverage as part of its preparations for a possible public market listing over the next few years.

Yulu operates across 12 major metropolitan markets, including Bengaluru, Mumbai, Delhi National Capital Region, and Hyderabad. It also has eight franchise-operated regional markets.

The company said its fleet travels about 2.5 million zero-emission kilometers daily and supports more than 750,000 doorstep deliveries each day.

Amit Gupta, Co-founder and Chief Executive Officer at Yulu, said, “As we scale our fleet fourfold over the next few quarters and launch high-capacity vehicle form factors, Yulu is positioned to remain the backbone of India’s urban hyper-local mobility economy while transitioning seamlessly toward the public markets.”

Yulu said its vehicles can reduce operating costs for gig workers and increase their net earnings by 30% to 40%. The company also estimated that its operations avoid approximately 2 million kilograms of carbon dioxide emissions each month.

In 2024, Yulu raised ₹1.6 billion ($16.77 million) in equity funding from its existing investors, Bajaj Auto and Magna International.

Electric vehicle sales in India reached 837,453 units in the second quarter (Q2) of 2026, a year-over-year (YoY) increase of 52.3% over 549,900 units recorded in the corresponding quarter of 2025. According to data released by the Ministry of Road Transport and Highways via its Vahan Dashboard, EVs accounted for 10.6% of overall automobile sales, totaling 7,896,871 units during Q2 2026.