Yulu has raised $93 million in a Series C round led by GEF Capital Partners, structured as $63 million equity and $30 million debt; it is reported to value the company at about $170 million post-mo…
About $5.5 million of the equity bought out early seed investors, and strategic backers Bajaj Auto and Magna sat the round out, waiving their pre-emptive rights to let GEF take its stake.
Yulu plans to quadruple its fleet to 200,000 EVs in two years and is preparing for a potential IPO; FY25 revenue nearly doubled to ₹237.4 crore and it has been EBITDA-positive since April 2025.
It still posted a ₹126 crore net loss, the round looks flat to down against prior marks, and quadrupling a capital-intensive fleet will absorb cash well before it returns profit.
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