Yulu's Series C Funding Round
Yulu, an electric mobility startup based in Bengaluru, Karnataka, India, has successfully raised $93 million in a Series C funding round. The round was led by GEF Capital Partners, marking a significant investment in the burgeoning electric vehicle sector.
Company Overview
Yulu offers electric two-wheelers on a subscription basis, primarily catering to delivery drivers who need affordable and efficient transportation solutions. This model allows gig economy workers to access vehicles without the burden of ownership, aligning with the rising demand for quick-commerce services in India.
Expansion Plans
The fresh capital injection will enable Yulu to expand its current fleet from 50,000 to 200,000 bikes over the next two years. The company plans to introduce faster electric two-wheelers tailored for new logistics use cases, enhancing its service offering.
Financial Structuring
The Series C round included $63 million in equity and $30 million in debt financing. Notably, $5.5 million of the equity was allocated to buy shares from early seed investors, according to co-founder and CEO Amit Gupta.
Future Outlook
Amit Gupta noted that this funding round is expected to be the last equity raise before Yulu aims for a public listing. The company intends to focus on financing future expansions through debt and lease arrangements. Gupta also mentioned that Yulu is on track to achieve profitability before interest and taxes next year, following a seven-fold revenue increase over the past three fiscal years.
Leadership Team
Yulu's leadership team includes Amit Gupta as Co-Founder and CEO, Anuj Tewari as Co-Founder & CFO, Naveen Dachuri as Co-Founder & CTO, and Hemant Gupta as Co-Founder. The team is steering the company towards becoming a key player in the electric mobility sector in India.
For more information, visit Yulu's website.