Yulu Secures $93M to Power India's Gig Economy

Yulu, an Indian electric mobility startup, has successfully raised $93 million in fresh funding to capitalize on the surge in quick-commerce deliveries. The Series C round, which included $63 million in equity and $30 million in debt, will enable Yulu to expand its fleet to 200,000 electric vehicles over the next two years. This expansion is crucial for supporting the growing demands of delivery drivers across India.

The new capital will also facilitate the introduction of faster electric two-wheelers, branded as Yulu Express, designed for longer-haul e-commerce deliveries and other logistics services. Approximately one-third of the expanded fleet will consist of these new models. Yulu currently operates in 12 Indian cities and plans to reach about 20 cities within the next year, partnering with major e-commerce and delivery platforms.

Founded in 2017 as a bike-sharing service, Yulu pivoted to serving gig economy workers during the COVID-19 pandemic. Currently, 95% of its revenue comes from weekly subscriptions for electric bikes rented to delivery personnel. The company anticipates reaching profitability before interest and taxes next year, following a substantial seven-fold revenue growth between fiscal years 2023 and 2026.