Yulu has become EBITDA-positive and crossed an Annual Recurring Revenue (ARR) of US$30 million. This achievement is driven by the growing demand for quick commerce, food delivery services, and supportive policy frameworks.
Currently operating a fleet of over 40,000 electric vehicles (EVs), Yulu has seen a seven-fold increase in its revenues and user base over the last two years. The company's AI-driven full-stack EV platform, combined with Yuma Energy’s battery-swapping network, has allowed it to become a key player in the expanding quick commerce sector. Yulu’s green deliveries now serve millions of consumers across 11 cities in India, aligning with the country's Sustainable Development Goals.
Amit Gupta, Co-founder and CEO of Yulu, highlighted that Yulu’s platform is especially beneficial for gig workers who lack their own vehicles, offering them an easy entry into the delivery workforce. The company’s technology and purpose-built EVs, developed in collaboration with Bajaj Auto, provide a scalable and reliable solution to meet the growing demand for hyperlocal deliveries.
Yulu is now focused on scaling its fleet to 100,000 EVs by 2025. To support this expansion, the company plans to raise US$100 million through Series C funding, a combination of debt and equity, over the next year.
Looking forward, Yulu stands to benefit from the continued growth of quick commerce, a market expected to expand ten-fold by 2030. The company is also poised to gain from government policies promoting electric transport and e-commerce, including the Open Network for Digital Commerce (ONDC) initiative, which will offer additional earning opportunities for Yulu’s riders.
In addition to its current operations, Yulu has launched the Yulu Business Partner (YBP) initiative, extending its reach into non-metro cities such as Indore, Kochi, Tirunelveli, and Pondicherry. The company also plans to expand its product range with the introduction of a mid-speed electric two-wheeler by the end of the year. This new EV, with a top speed of 45 kmph, will cater to various delivery and transportation needs, including bike taxis and high-payload goods deliveries.
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