The archive · Climate & Energy · Product decision · 2017–2026
Yulu's gig-worker EV fleet bet: EBITDA-positive, $93M Series C, IPO next
Yulu pivots from shared commuter e-bikes to subscription EVs for delivery riders, hits EBITDA-positive in 2025, then raises a $93M Series C.
Yulu
What the business is
Yulu is a Bengaluru-based electric mobility-as-a-service company: it owns e-scooters and rents them by weekly/monthly subscription to delivery riders and commuters, powering last-mile deliveries for platforms such as Swiggy, Zomato, Zepto and Blinkit.
Starting capital：More than $228M raised since inception, including an $82M Series B led by Magna International and Bajaj Auto and the $93M Series C of Aug 2026
How it started
Yulu was founded in 2017 in Bengaluru by Amit Gupta (an InMobi co-founder) with Naveen Dachuri, RK Misra and others, as a shared micromobility company — first bicycles, then low-speed 'Miracle' e-bikes — betting on congestion and pollution in Indian cities. During Covid-19, commuter demand collapsed, and the company turned its fleet toward delivery workers on platforms like Swiggy, Zomato, Zepto and Blinkit, selling weekly and monthly subscriptions instead of per-ride trips.
What happened
The pivot found its market: quick commerce's 10-minute delivery boom needed cheap, reliable e-bikes at scale. Yulu partnered with Zepto to deploy 20,000 EVs, signed Bajaj Auto as fleet manufacturer and strategic investor, and raised an $82M Series B from Magna International and Bajaj. It claims more than 750,000 doorstep deliveries a day, 2.5 million zero-emission kilometres, and revenue that grew sevenfold between FY23 and FY26.
How it ended up
Yulu has been EBITDA-positive since April 2025, raised a $93M Series C ($63M equity led by GEF Capital Partners plus $30M debt) in August 2026, and plans to quadruple its active fleet to 200,000 EVs, expand from 12 to 20 cities, launch the larger Yulu Express scooter and prepare for an IPO.
Background
Yulu was founded in 2017 in Bengaluru by Amit Gupta, Naveen Dachuri, RK Misra and others as a shared micromobility startup, starting with bicycles and low-speed 'Miracle' e-scooters for short commutes. Its early bet was that congestion and pollution would push Indian city-dwellers to rent, not buy, small EVs.
Covid-19 killed the commuter market and forced the pivot that defines the company: Yulu shifted from per-ride sharing to weekly and monthly subscriptions aimed at delivery workers on Swiggy, Zomato, Zepto and Blinkit. The low-speed scooters fit sub-two-kilometre, high-density deliveries, and riders paid ₹1,200–7,300 a month instead of buying a vehicle.
The pivot rode the quick-commerce boom. Yulu partnered with Zepto (20,000 EVs), brought Bajaj Auto in as manufacturer and investor, and raised an $82M Series B from Magna International and Bajaj. It claims more than 750,000 doorstep deliveries daily and 15% of quick-commerce deliveries across India's four biggest metros.
In August 2026 Yulu raised a $93M Series C — $63M equity led by GEF Capital Partners plus $30M debt — to quadruple its active fleet to 200,000 EVs, expand from 12 to 20 cities and launch Yulu Express, a larger scooter for logistics and bike taxis. The company has been EBITDA-positive since April 2025 and is preparing for an IPO.
What has to be true
- Quick commerce's 10-minute delivery economics demand cheap, always-available two-wheelers; renting by subscription removes the purchase cost and maintenance burden from gig workers.
- The pivot converted Yulu's asset-heavy model into recurring revenue: subscription fleets monetise each bike over about four years with near-zero customer acquisition cost.
- Strategic investors Bajaj Auto and Magna gave Yulu manufacturing capacity and credibility, letting it scale a proprietary low-speed fleet without becoming a manufacturer itself.
- EBITDA-positive since April 2025 and revenue up sevenfold FY23–FY26 show the fleet-as-a-service model now has unit economics, making a $93M round and a planned IPO plausible.
What can be applied
When the original market evaporates, the fleet is not the bet — the customer is: Yulu pivoted from commuter rides to gig-worker subscriptions and got a zero-acquisition-cost model.
Aftermath
As of September 2026 Yulu is EBITDA-positive (since April 2025) and scaling: the August 2026 Series C funds roughly quadrupling the fleet to 200,000 EVs, expansion from 12 to 20 cities, more service hubs and the new Yulu Express scooter. It reports more than 750,000 daily doorstep deliveries, claims 15% of quick-commerce deliveries in India's top four metros, and targets at least ₹1,200–1,500 crore of revenue as it prepares for a public listing; it was still loss-making at the net level in FY25 (₹126 crore loss on ₹237 crore operating revenue).
Sources
- Yulu raises $93 million, eyes fourfold fleet expansion
- Yulu Bags $93 Mn To Scale EV Fleet, Enter Full-Size Electric Scooter Segment
- Electric mobility platform Yulu raises $93 million in Series C funding, led by GEF Capital
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