India's Yulu, a Bengaluru-based electric mobility startup, has raised $93 million to expand its fleet of electric two-wheelers that it rents to gig workers on weekly subscriptions, enabling delivery drivers to work without owning a vehicle. The raise comes as India's quick-commerce sector races to deliver goods within minutes, and it will help Yulu scale to meet the surging demand for delivery riders, including launching a new higher-speed scooter for longer-distance deliveries and bike taxis.

The Series C round combined $63 million in equity, led by GEF Capital Partners, with $30 million in debt financing, valuing Yulu at roughly $170 million post-money. Yulu currently runs around 50,000 vehicles, covering 1.6 million miles weekly and powering over 750,000 deliveries a day, and plans to grow its fleet to 200,000 bikes across roughly 20 cities within two years, while also becoming profitable before interest and taxes next year.