Yulu Raises $93 Million to Quadruple India E-Bike Fleet
Yulu raises $93 million to quadruple its e-bike fleet, add Express scooters and expand in India as delivery subscriptions power its growth toward profit.
Summary
On August 12, 2026, Bengaluru-based Yulu announced a $93 million Series C, comprising $63 million in equity led by GEF Capital Partners and $30 million in debt. About $5.5 million bought shares from seed investors whose funds were expiring. Sources put its post-money valuation near $170 million; co-founder and CEO Amit Gupta declined comment but did not dispute it. Bajaj Auto and Magna International waived pre-emptive rights and sat out, enabling GEF’s target stake. Gupta expects this to be Yulu’s last equity round before a listing, with later fleet growth mainly funded by debt and leases. Revenue grew seven-fold from fiscal 2023 to fiscal 2026, without disclosed figures; positive EBITDA came last financial year, and EBIT profitability is targeted next year.
Founded in 2017 for commuter bike sharing, Yulu pivoted during COVID as deliveries surged. Weekly electric-bike rentals to gig workers now generate 95% of revenue; station-based Bengaluru rentals supply the rest, and direct consumer sales were abandoned. Its 50,000-bike fleet logs 1.6 million zero-emission miles weekly and supports more than 750,000 daily deliveries. The funding targets 200,000 bikes within two years. Roughly one-third will be Yulu Express, a full-sized, faster scooter for longer-haul e-commerce deliveries, bike taxis and express parcels; 500 operate in Bengaluru and trials span three other cities. Bajaj builds the low-speed fleet; Gupta withheld the Express maker’s name. Yulu runs directly in Bengaluru, Mumbai, Delhi-NCR and Hyderabad, uses franchisees in eight other markets, and plans to grow from 12 cities to about 20 within a year, targeting Chennai and Pune. It works with nearly every major quick-commerce, food-delivery and e-commerce platform, including Amazon and Walmart-owned Flipkart, but rents to workers, positioning itself as AWS-like mobility infrastructure without third-party logistics fees.
Positives
- $93 million in new equity and debt will support a fourfold fleet expansion from 50,000 to 200,000 electric bikes.
- 1.6 million zero-emission miles each week support more than 750,000 deliveries a day across Yulu’s fleet.
- Seven-fold revenue growth from fiscal 2023 to fiscal 2026 followed positive EBITDA in the last financial year.
- About one-third of the planned fleet will be faster Yulu Express scooters serving longer-haul deliveries, bike taxis and parcels.
- Expansion from 12 to roughly 20 cities within a year includes Chennai and Pune as priority markets.
Risks & concerns
- 95% of revenue comes from weekly rentals to gig workers, leaving Yulu heavily concentrated in one customer segment.
- Scaling from 50,000 to 200,000 bikes within two years creates a substantial financing and operational challenge.
- Bajaj Auto and Magna International did not join the Series C after waiving their pre-emptive rights.
- Gupta withheld the Yulu Express manufacturer’s identity, while only 500 scooters are operating in Bengaluru and three-city trials.
- Yulu disclosed seven-fold revenue growth but provided no figures, and its reported $170 million valuation remains unconfirmed.