Electric mobility startup Yulu has raised $93 million in a Series C funding round led by GEF Capital, giving the company fresh capital to expand its electric vehicle business.

The funding will support Yulu’s plans to scale its fleet to 200,000 electric vehicles, strengthening its presence in India’s growing shared mobility market. Yulu currently operates electric two-wheelers designed mainly for short-distance urban travel. Its vehicles are used by commuters as well as delivery and logistics workers, making the company a part of India’s expanding last-mile mobility ecosystem.

The latest funding is expected to help Yulu add more vehicles across its existing markets and expand into new locations. The company also plans to invest in its battery-swapping infrastructure, which allows riders to replace depleted batteries with charged ones instead of waiting for vehicles to recharge.

Battery swapping is an important part of Yulu’s business model because it can help keep vehicles on the road for longer periods. This is particularly useful for delivery partners and other commercial users who depend on their vehicles throughout the day.

The fresh capital comes as competition in India’s electric mobility sector continues to increase. Rising fuel costs, growing demand for cleaner transport and the rapid expansion of quick commerce and food delivery have created new opportunities for companies offering electric two-wheelers.

Yulu has previously received backing from strategic investors, including Bajaj Auto, which has also partnered with the company on vehicle development and manufacturing. The new funding gives Yulu additional financial support as it works towards scaling its operations.

The company is targeting a fleet of 200,000 EVs, a significant expansion from its current scale. Reaching this target would require investment not only in vehicles but also in charging and battery-swapping infrastructure.

With the latest Series C round, Yulu is positioning itself for its next phase of growth as India’s demand for affordable and sustainable urban transportation continues to rise. The funding could help the company expand faster while strengthening its technology and operational network across key Indian cities.

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