Indian Startup Yulu Raises $93M Amid Quick Commerce Boom
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Quick answer
Indian startup Yulu raised $93 million to expand its electric bike fleet and logistics solutions amid the booming quick-commerce sector. The company plans to scale its fleet to 200,000 units.
Indian mobility startup Yulu, specializing in electric two-wheeler rentals, has raised $93 million in its Series C funding round. The capital will expand its vehicle fleet and develop new logistics solutions. Currently, the company facilitates around 750,000 deliveries daily, with a fleet of 50,000 units covering 1.6 million emission-free miles weekly.
The majority of funding—$63 million—was raised as equity from GEF Capital Partners, while $30 million came from debt. Part of the funds was used to buy back shares from early investors. According to sources, Yulu's post-money valuation is estimated at $170 million, though the company has not confirmed this figure but acknowledges plans for a future IPO.
Yulu aims to increase its fleet to 200,000 e-bikes within two years, including the new Yulu Express model for long-distance and express logistics. Currently operating in 12 Indian cities, the startup plans to enter eight more markets, including Chennai and Pune, in the coming year. Key partners include major quick-commerce and e-commerce platforms like Amazon and Flipkart.
Common questions
- What does Yulu do?
- Yulu provides subscription-based electric two-wheeler rentals for couriers and logistics companies, primarily serving gig workers handling deliveries.
- What are Yulu's post-funding plans?
- The company aims to grow its fleet to 200,000 e-bikes, launch new express-delivery models, and expand to 20 Indian cities.
- Who invested in Yulu?
- GEF Capital Partners led the round, with total funding reaching $93 million, including $30 million in debt capital.
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