Yulu turns Ebitda positive, aims to deploy 100K electric vehicles by 2025

Shared electric vehicle mobility company Yulu, founded in 2017, has crossed an annual recurring revenue (ARR) of $30 million and turned Ebitda positive, driven by growing demand from the quick-commerce segment, the firm said on Monday.

The Bengaluru-based startup is now planning to deploy 100,000 EVs by 2025. To finance this expansion, the company will raise $100 million in Series C debt and equity funding over the next 12 months. It is also considering an initial public offering (IPO) in 2-3 years.

Yulu has raised over $123 million in equity capital—including $52 million for Yuma—from investors such as Bajaj Auto, Magna International, Blume Ventures, 3one4 Capital, Wavemaker, Incubate Fund, Rocketship.vc, and other institutional and angel investors. Yulu has also secured $12 million in debt financing from the US International Development Finance Corporation (DFC) and from Northern Arc. In February, it secured $19.25 million (Rs 160 crore) in equity funding through the issuance of shares to existing strategic investors Magna and Bajaj Auto Ltd.

With over 40,000 EVs, Yulu’s revenues and users have increased more than sevenfold over the last 24 months.

Amit Gupta, co-founder and chief executive officer of Yulu, said, “Yulu is delighted to achieve the Ebitda-positive milestone. As the country’s largest shared electric mobility player, Yulu is a critical enabler for the instant delivery revolution.”

He added that they are looking forward to tapping opportunities in hyperlocal deliveries by deepening their presence in existing markets. The company provides urban mobility-as-a-service in 11 cities, including Bengaluru, Mumbai, Navi Mumbai, Delhi, Gurugram, Noida, and Hyderabad. Riders using Yulu have travelled more than 700 million km and helped save over 27 million kg of CO2 emissions to date.

Yulu operates with two business models: Yulu Miracle, where users pick up and drop off from one zone to another, paying on a per-minute basis. The typical ride duration is 20-25 minutes, with Yulu charging Rs 2.5 per minute. The other model caters to last-mile delivery, usually preferred by gig workers who can pay on a daily or weekly basis. Yulu offers various packs, starting from 400 km to 1,000 km, with the cheapest plan starting at Rs 160 per day and going up to Rs 225 per day, which includes battery swapping.

While it does not offer fleet services, Yulu enables drivers to rent its two-wheelers.

The company’s shared EV products include the Yulu Miracle and Yulu DeX, alongside Wynn, a product for personal ownership.