India’s Yulu raises $93M as quick-commerce boom fuels e-bike demand
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.
In short
- Yulu raises $93M to expand its e-bike rental fleet for gig workers
- Fleet to grow from 50,000 to 200,000 bikes within two years
- New Yulu Express scooter targets longer-haul deliveries and bike taxis
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The case for
This represents meaningful progress for India's gig workers. By removing the capital barrier to vehicle ownership, Yulu enables hundreds of thousands of delivery drivers to participate in the economy who previously lacked the means. The shift to electric vehicles provides environmental benefits over petrol alternatives, whilst the subscription model offers flexibility that ownership doesn't. With profitability targeted for next year, the business model appears sustainable, suggesting workers have access to stable infrastructure rather than relying on indefinite subsidies.
The case against
Whilst framed as empowerment, this restructures rather than solves precarity for gig workers, who remain dependent through permanent subscription obligations they cannot afford during lean periods. The quick-commerce boom driving Yulu's growth is built on unsustainably pressurised labour, with workers expected to complete deliveries in minutes. Even electric vehicles provide marginal environmental benefit if they simply increase total vehicle miles in congested Indian cities. The venture capital backing indicates growth and returns are prioritised over worker welfare and sustainable urban planning.
Explained simply
Yulu is an electric mobility company based in Bengaluru that rents two-wheelers to people who make deliveries and take passengers on bike taxis. Its weekly subscriptions give workers access to a vehicle without having to buy one themselves.
Demand for delivery riders has grown as quick-commerce companies compete to bring groceries and other goods to customers within minutes. Yulu’s vehicles are part of the infrastructure that lets those workers travel between shops, warehouses and customers.
The company’s expansion could affect how many delivery workers can access electric vehicles and how quickly Yulu can serve more cities. Its plans also come as it seeks to make the business profitable while growing its fleet.