Yulu, a Bengaluru shared electric two-wheeler company, raised $93m in a Series C announced on 12 August 2026. The round combines $63m of equity led by GEF Capital Partners with $30m of debt, according to Autocar Professional and Micromobility.io.
Micromobility.io called it the largest raise in Yulu's history. No other investors were named in the sources reviewed, and no valuation was disclosed.
Dealroom listed total funding raised of $216m, a figure the company did not confirm in the articles reviewed. The sources did not say who provided the $30m of debt.
“Securing this Series C capital is a validation of our business model”Amit Gupta, Co-founder and CEO, Yulu
What Yulu does
Yulu rents out electric scooters and bikes, and a large share of its use is by gig workers making last-mile and quick-commerce deliveries. Micromobility.io described it as India's largest shared electric vehicle platform. Bajaj Auto builds the vehicles and Magna International is a strategic technology and energy partner.
The company operates in four main metros, Bengaluru, Mumbai, Delhi-NCR and Hyderabad, and in eight franchise-operated regional markets, according to Autocar Professional. It says its fleet has covered 2.5 million zero-emission kilometres and supports more than 750,000 doorstep deliveries a day.
Yulu Express, a full-size, high-payload electric scooter, is aimed at e-commerce logistics, bike taxis and express parcel delivery.
Micromobility.io listed the partners as Bajaj Auto, which builds the vehicles, and Magna International, a strategic technology and energy partner.
Company claims
Yulu says its vehicles account for more than 15% of quick-commerce deliveries across India's top four metros, that gig workers' net earnings rise by 30% to 40% when they use its vehicles, and that its fleet avoids about 2 million kg of carbon dioxide emissions a month. Those figures are the company's own estimates.
It also reported revenue growth of sevenfold between fiscal 2023 and fiscal 2026 and positive EBITDA since April 2025.
Plans
Micromobility.io reported a fleet of about 45,000 vehicles in fiscal 2025. Yulu plans to reach 200,000 active electric vehicles within two years, open more service hubs and deepen enterprise partnerships, the Autocar Professional report said.
The company said it is working towards public market readiness over the next few years through higher profitability and operating leverage. Neither article gave an IPO date.
Dealroom reported that Bajaj Auto and Magna International, existing backers, did not participate in the round after waiving their pre-emptive rights, and that about $5.5m of the equity was used to buy out seed investors. It estimated the post-money valuation at about $170m and the fleet at around 50,000 electric two-wheelers; the valuation is a single-source estimate.
The company
Amit Gupta is co-founder and chief executive. Micromobility.io gave the founding year as 2017. Gupta said securing the Series C capital is a validation of the company's business model. The sources did not give a headcount or name other founders.
Company website: yulu.bike