Yulu Raises $93M as India’s Quick-Commerce Boom Drives E-Bike Demand

Yulu raised $93 million in fresh funding as India’s quick-commerce platforms push faster delivery timelines across groceries, smartphones and other goods. The Series C round included $63 million in equity led by GEF Capital Partners and $30 million in debt financing. About $5.5 million of the equity portion was used to buy shares from seed investors whose funds were nearing the end of their investment life, according to co-founder and CEO Amit Gupta.

Yulu aims to expand from around 50,000 vehicles today to 200,000 bikes over the next two years. The company also plans to launch faster electric two-wheelers for new logistics use cases. Its new full-sized, higher-speed scooter, Yulu Express, is designed for longer-haul e-commerce deliveries, bike taxis and express parcel services.

Yulu offers electric two-wheelers on weekly subscription plans, helping delivery workers enter the gig economy without purchasing their own vehicles. The company says its fleet logs about 1.6 million zero-emission miles each week and supports more than 750,000 deliveries a day. Gupta told TechCrunch that roughly 95% of Yulu’s revenue now comes from renting electric bikes to gig workers, with the rest from its station-based rental service in Bengaluru.

Yulu currently operates in 12 Indian cities, running its own operations in Bengaluru, Mumbai, Delhi-NCR and Hyderabad while working with franchisees in eight other markets. Gupta said the company aims to reach roughly 20 cities within the next year, with Chennai and Pune among its key expansion targets. The company is moving toward profitability before interest and taxes next year after achieving positive EBITDA last financial year, and Gupta said he expects this to be Yulu’s final equity fundraise before an eventual public listing.