Yulu Raises $93M to Quadruple Its EV Fleet to 200,000 Ahead of Planned IPO

India's shared electric mobility company Yulu has closed a $93 million Series C funding round, split between $63 million in equity and $30 million in debt, led by GEF Capital with strategic participation from Bajaj Auto and Magna International.

The company operates an electric mobility-as-a-service platform across 12 major Indian cities including Bengaluru, Mumbai and Delhi, alongside eight franchise-operated regional markets, and it will use the proceeds to quadruple its active fleet to 200,000 electric vehicles over the next two years.

According to the company, revenue grew sevenfold since fiscal year 2023, while it also posted positive operating earnings before the round closed. Management added that it is preparing for a possible public listing in the coming years, with a focus on improving profitability and operating leverage.

In a related development, Accel announced a new $550 million India fund, bringing its total India allocation to $1.2 billion within 18 months, which reflects rising institutional investor allocations to the market.

Key terms explained:

Series C: The third main funding stage for startups, following Series A and B, and typically aimed at broad expansion.

Mobility-as-a-service: A model in which users rent a vehicle per trip or for short periods through an app instead of owning it.

Operating earnings (EBITDA): Earnings from core operations before interest, taxes, depreciation and amortisation.

Initial public offering (IPO): The first sale of a company's shares to the public on a stock exchange.

Franchise: An agreement granting a local partner the right to operate the business under the company's brand in exchange for fees.

Operating leverage: Profit rising faster than costs as the business scales.