Yulu announced it has raised $93 million in equity and debt to expand its fleet, enter new cities and target a net profit by next year.
CEO and co-founder Amit Gupta said the company is operationally profitable and does not need equity capital to fund its daily operations; the primary purpose of the new funding is to scale its vehicle fleet.
Yulu’s expansion and fleet strategy
Yulu, founded in 2017 and backed by Bajaj Auto, plans to increase its active fleet from 50,000 two-wheelers to 200,000 within the next two years. The company said the enlarged fleet will support a new intra-city mobility push, including an electric scooter designed for bike taxis, express parcel deliveries and e-commerce logistics. Its current fleet is mostly low-speed vehicles used to deliver food and support quick commerce.
GEF Capital Partners, an investment firm focused on climate change, led the $63 million equity portion of the fundraising. Bajaj Auto, Magna International and other existing investors did not participate in the latest round.
Yulu reported that revenue almost doubled in the financial year ending March 31, 2025, to 2.37 billion rupees (24.84 million). Losses were reduced by 12%. The company expects the expanded fleet to help it achieve a profit after tax (PAT) on a month-to-month basis in the following calendar year, and Gupta said Yulu aims to reach PAT-positive status before pursuing a public listing.
