Electric mobility service provider Yulu has raised $93 Mn (about ₹887.5 Cr) in its Series C funding round led by GEF Capital Partners as it looks to expand its fleet and enter the full-size electric two-wheeler segment.
The round comprised $63 Mn in equity and $30 Mn in debt.
The Bengaluru-based startup plans to use the fresh capital to quadruple its active fleet to 2 Lakh EVs over the next two years. It will also expand its service-hub network and deepen partnerships with enterprise customers.
As part of its expansion, Yulu plans to launch Yulu Express, a full-size, high-payload electric scooter designed for ecommerce logistics, bike taxis and express parcel delivery.
Founded in 2017 by Amit Gupta, Naveen Dachuri, Anuj Tewari, and RK Misra, the electric mobility-as-a-service startup offers shared electric two-wheelers for urban commuting and last-mile delivery across 12 metros and eight franchise-operated regional markets.
The startup builds low-speed electric scooters for short distance intercity commute. Its escooters, found at Yulu stations built across cities, can be rented through the Yulu app.
Yulu has expanded its business model in recent years to include gig workers across platforms like Swiggy, Zomato, Zepto, Blinkit, which now contribute to a bulk of its revenue. A delivery worker or service professional can sign up for weekly and monthly subscription plans, which can range from ₹1,200 to ₹7,300, and ride a Yulu scooter for 400 Km to 3,600 Km, depending on their subscription.
It claimed that its fleet clocks 2.5 Mn kilometres and facilitates over 7.5 Lakh doorstep deliveries daily.
(The story will be updated soon)
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