Yulu Series C — Yulu, the Bengaluru-based electric mobility-as-a-service (MaaS) platform, has raised $93 million in a Series C funding round led by GEF Capital Partners, as publicly reported on 2026-08-12. The round comprises $63 million in equity and $30 million in debt financing, making it the largest capital raise in the company’s history. Co-founded by Amit Gupta and Naveen Dachuri, Yulu operates at the intersection of EV mobility and urban logistics, powering last-mile delivery across India’s fastest-growing cities.
Quick Highlights
- Founders: Amit Gupta and Naveen Dachuri
- Lead Investor: GEF Capital Partners (equity tranche)
- Participating Investors: Undisclosed debt investors
- Investor Background: Existing backers Bajaj Auto and Magna International did not participate in the round after waiving their pre-emptive rights, allowing GEF Capital Partners to acquire its target ownership stake, as publicly reported
- Post-Money Valuation: Approximately $170 million, as publicly reported
- Headquarters: Bengaluru, Karnataka, India
- Announcement Date: 12 August 2026
Funding Breakdown
Use of Funds
Yulu will deploy the fresh capital across four key priorities: quadrupling its active electric vehicle fleet to 200,000 EVs within two years, expanding its network of service hubs, deepening strategic enterprise partnerships, and accelerating its readiness for a potential public market listing. A secondary component of approximately $5.5 million from the equity tranche was used to buy out seed investors whose funds were nearing the end of their investment life, as publicly reported. The company has stated that future fleet expansion beyond this round will be financed primarily through debt and lease financing, and it expects this Series C to be its final equity raise before an eventual IPO.
Funding Timeline
Yulu previously raised $82 million in its Series B round in 2022, led by Magna International, as publicly reported. The current Series C of $93 million marks a step up in scale and signals the company’s transition from growth-stage financing toward pre-IPO capital strategy. Since the Series B, the company reports that its revenue grew sevenfold between FY2023 and FY2026, and it has maintained positive EBITDA since April 2025.
Expansion Plans
On the product front, Yulu plans to launch Yulu Express — a full-sized, high-payload electric scooter purpose-built for e-commerce logistics, bike taxis, and express parcel delivery — as it moves into adjacent intra-city mobility verticals. Geographically, the company currently operates across 12 Indian cities, running direct operations in Bengaluru, Mumbai, Delhi-NCR, and Hyderabad, with franchise-operated presence in eight additional markets. As publicly reported, Yulu aims to expand its city footprint to roughly 20 cities within a year, with Chennai and Pune identified as near-term targets. The company is also working toward improved profitability metrics through growth and operating leverage as part of its public market readiness strategy over the next few years.
Significance
This Yulu Series C round arrives at a pivotal moment for India’s electric mobility sector, where the quick-commerce boom is generating structural, sustained demand for affordable, subscription-based electric two-wheelers at scale. With roughly 50,000 vehicles already logging over 1.6 million miles per week and supporting more than 750,000 deliveries per day, Yulu has demonstrated that its MaaS model can operate with disciplined unit economics — a rare combination in Indian EV mobility. The $93 million raise, as publicly reported, places this round in the upper tier of all-time Series C rounds for India-based startups in this segment, signalling strong institutional conviction in the company’s trajectory. By positioning the Series C as its final equity round before an IPO, Yulu is charting a clear and credible path toward becoming a publicly listed EV infrastructure company in one of the world’s largest and fastest-growing delivery markets.
These details have been verified against multiple publicly available reports as of 2026-08-12.
Stay updated with the latest startup funding news on The Courtroom.
Disclaimer: This report is compiled from publicly available sources and is for informational purposes only; funding figures are as publicly reported and may be subject to change.
