Indian electric mobility startup Yulu has raised $93 million in Sequence C funding because it seeks to develop its fleet and put together for a possible inventory market itemizing.

The Bengaluru-based startup stated the funding comprised $63 million in fairness, led by GEF Capital Companions, and $30 million in debt. It plans to make use of the cash to quadruple its lively fleet to 200,000 electrical autos over the subsequent two years, in addition to develop service hubs and deepen partnerships with companies.

Yulu additionally plans to develop into new types of intra-city transport with Yulu Categorical, a full-sized electrical scooter designed to hold heavier masses for ecommerce logistics, bike taxis and categorical parcel deliveries.

“Securing this Sequence C capital is a validation of our enterprise mannequin, a large headroom for demand, our execution functionality, and the platform maturity we’ve constructed,” co-founder and CEO Amit Gupta stated.

He stated the corporate deliberate to introduce higher-capacity autos because it expanded, whereas shifting in the direction of the general public markets. Yulu stated enhancements in profitability and working leverage will help its preparations for a possible itemizing over the subsequent few years.

Increasing supply enterprise

Yulu operates shared electrical two-wheelers used for short-distance journey and hyperlocal deliveries.

The startup immediately operates in 4 main markets, Bengaluru, Mumbai, Delhi-NCR and Hyderabad, whereas its companies are additionally obtainable by way of franchise companions in eight regional markets.

Yulu claims that its fleet now travels about 2.5 million zero-emission kilometres and helps greater than 750,000 doorstep deliveries every day. The startup additionally claims its autos account for greater than 15% of quick-commerce deliveries throughout India’s 4 primary metropolitan markets.

Its platform combines purpose-built electric vehicles (EVs) with fleet-management expertise and entry to battery swapping by way of Yuma Power, its three way partnership with automotive provider Magna Worldwide.

Yulu was based in 2017 by Amit Gupta, Naveen Dachuri and RK Misra. Anuj Tewari, who had been the corporate’s chief monetary officer, was formally named a co-founder in November 2023 and joined the prevailing founding group.

Earlier funding

Yulu raised $19.25 million, or about Rs160 crore, from current buyers Magna and Bajaj Auto in February 2024. That adopted an $82 million Sequence B fairness spherical led by Magna in September 2022.

The startup additionally secured a $9 million mortgage from the US Worldwide Growth Finance Company in November 2022. In January 2024, the startup raised an additional Rs 25 crore, about $3 million on the time, in debt from Northern Arc Capital by way of non-convertible debentures.