Yulu secures $93 million to expand e-bike fleet amid India’s quick-commerce surge

Yulu, an electric-mobility provider headquartered in Bengaluru, announced a $93 million funding round to scale its fleet of subscription-based e-bikes used by gig-economy delivery drivers. The Series C comprised $63 million of equity, spearheaded by GEF Capital Partners, and $30 million of debt, bringing the company’s post-money valuation to about $170 million. CEO Amit Gupta explained that the capital will enable Yulu to grow its fleet from roughly 50,000 to 200,000 vehicles in the next two years and to launch a faster electric scooter, the Yulu Express, for longer-haul deliveries.

Existing investors Bajaj Auto and Magna International waived pre-emptive rights, allowing GEF to acquire a target stake. The startup, which logged about 1.6 million miles weekly and over 750,000 daily deliveries, plans to finance further expansion mainly through debt and leasing and expects to be profitable before interest and taxes next year. Yulu currently serves 12 Indian cities and targets expansion to around 20 cities, including Chennai and Pune, while partnering with major platforms such as Amazon and Flipkart.