Amit Gupta on Yulu’s next ride: $93 million, 200,000 EVs and an IPO

Yulu is stepping on the accelerator. The Bengaluru-based electric mobility company has raised $93 million in its Series C round – $63 million in equity led by GEF Capital Partners and $30 million in debt – as it looks to quadruple its fleet, expand into newer urban logistics use cases and move closer to the public markets. For co-founder and CEO Amit Gupta, however, the latest fundraise is less about funding losses and more about building the balance sheet needed for Yulu’s next phase of scale.

“We ideally want this to be our last equity fundraise,” Gupta told Business Today. The company, he said, expects its larger capital expenditure needs to be funded through debt and lease financing. Yulu has been EBITDA-positive since April 2025 and does not need equity to fund its operating burn. The immediate financial goal is to move from EBITDA profitability to EBIT profitability, for which the fresh equity provides a cushion.

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The ambition is substantial. Yulu currently has about 50,000 vehicles on the road and plans to take its cumulative fleet to 200,000 over the next two years. The company says revenue grew sevenfold between FY23 and FY26, while its fleet currently clocks 2.5 million zero-emission kilometres and facilitates more than 750,000 doorstep deliveries every day.

The expansion will remain rooted in the gig economy. Quick commerce is Yulu’s largest use case, followed by food commerce and what Gupta calls “quick service” – a broader bucket spanning hyperlocal services such as home services, salons and spas. Rather than becoming a consumer-facing platform itself, Yulu wants to provide the mobility layer that allows gig workers to serve these businesses.

Gupta describes the ambition as becoming the “AWS of mobility” – an infrastructure provider for businesses where goods or services have to move and the work is increasingly executed by gig workers. “Our customer is a gig worker,” he said, distinguishing Yulu from consumer platforms such as Swiggy, Zomato, Rapido and Uber.

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That infrastructure play is now expanding with Yulu Express, a mid-speed electric vehicle designed for use cases that its existing low-speed fleet could not address. Capable of speeds of up to 45 kmph and carrying a payload of 70-80 kg, the new vehicle is aimed at longer-distance food orders, e-commerce logistics, express parcel deliveries and, where regulations permit, bike taxis.

The company is also betting on the increasing electrification of commercial mobility. Yulu sources its vehicles entirely from India. Its low-speed Dex and Miracle models are manufactured locally by Bajaj Auto, while its mid-speed vehicles are being sourced from two Indian OEMs.

Interestingly, Yulu is putting its earlier personal-mobility experiment on hold. The company had piloted selling vehicles directly to consumers, but Gupta says scaling that business would require investments in physical showrooms and service networks. Instead, Yulu will concentrate capital and management bandwidth on its gig-worker mobility business.

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The bigger destination, however, is the public market. Gupta says an IPO is “one of the inspirations” for Yulu, although he considers it too early to provide a timeline. He believes the company would become a credible public-market candidate once it reaches ₹1,000-1,200 crore in revenue, accompanied by stronger profitability and margin expansion. As per Tracxn, Yulu’s FY25 revenue stood at ₹242 crore and loss at ₹126 crore.

“We don’t want to list; we want to list as an important company,” Gupta said.

For now, the $93-million raise gives Yulu the capital to chase the ambition of a fourfold fleet expansion, a broader urban logistics footprint and, eventually, a public-market debut.