July 8, 2025: Micro-mobility solutions startup Yulu raised Rs 25.7 crore in a Series B fundraise to back its next phase of growth plans and consolidating its market presence.
The startup claims to have an increasing demand for its electric two-wheelers in the last-mile delivery category, owing to growth in quick commerce and hyperlocal deliveries.
Popular for its iconic blue bikes, Yulu Miracle, the Bengaluru based firm is now anticipating a large chunk of its revenue emanating from its Yulu DeX product that was introduced in the market to targeted to gig workers. This product-market fit has also stimulated the company’s top-line numbers. In FY24, the Bajaj Auto-backed firm reported a 188% rise in revenue from operations to Rs 119.9 crore.
With Demand Surging in Last-Mile Delivery, Yulu Sharpens Focus on DeX Fleet Expansion
The firm also reported its expenses for the period moving to a higher trajectory, contributing a 51% raise in total losses to Rs 142.8 crore. At the time of announcing its FY24 results, had divulged that it planned to double its on-ground presence to 100,000 EVs by this year.
The latest round of funding was raised from Canadian auto parts manufacturer Magna International. Magna’s top-up investment comes after the EV two-wheeler company participated in a Rs 160 crore fundraise in February this year, along with existing investor Bajaj Auto.
As per the Registrar of Companies filing, Yulu’s board approved the allotment of 1,826 Series B3 Compulsory Convertible Preference shares (CCPS) on a rights basis at Rs 1,41,226.34 apiece, having a face value of Rs 100.
