Yulu has proudly announced its achievement of becoming India’s largest EBITDA (earnings before interest, taxes, depreciation, and amortization) profitable shared electric mobility company as of October 7, 2024. The company has successfully surpassed an impressive Annual Recurring Revenue (ARR) of USD 30 million, showcasing significant growth and operational success.
Over the past two years, Yulu has experienced remarkable expansion, boasting a fleet of over 40,000 electric vehicles (EVs). The company’s revenue and user base have surged more than seven times (7X), highlighting its increasing popularity and the growing demand for electric mobility solutions in India. This rapid growth is a testament to Yulu’s effective business model and its ability to cater to the needs of a changing market landscape.
Looking ahead, Yulu has ambitious plans to deploy an additional 100,000 electric vehicles by 2025. To support this expansion, the company aims to raise USD 100 million through a Series C funding round, which will include both debt and equity financing, within the next year. This capital will play a crucial role in scaling operations, enhancing service offerings, and fortifying Yulu’s position in the competitive shared mobility sector.
Amit Gupta, Co-founder and CEO of Yulu, emphasized the company’s role in revolutionizing the delivery ecosystem in India. He stated, “As the nation’s largest shared electric mobility provider, Yulu is a vital enabler for the instant delivery revolution. The simplicity and convenience of our platform empower gig workers who do not own vehicles to become a part of the delivery workforce. This innovation addresses the significant supply gap in the quick commerce value chain, ensuring that delivery services are both efficient and accessible.”
Gupta further elaborated on the company’s vision, expressing optimism about the potential opportunities within the realms of instant and hyperlocal deliveries. By tapping into this rapidly evolving market, Yulu is positioning itself at the forefront of the electric mobility and delivery services sector, contributing to a more sustainable future.
Yulu’s commitment to electric mobility aligns with the broader goals of reducing carbon emissions and promoting environmentally friendly transportation solutions in urban areas. By providing a platform that facilitates access to electric vehicles, Yulu is not only transforming the way goods are delivered but also encouraging more individuals to participate in the growing gig economy.
With its strong focus on innovation, sustainability, and operational efficiency, Yulu is poised to lead the charge in the electric mobility revolution in India. The company’s significant growth trajectory and ambitious plans for the future reflect its determination to create a more sustainable and efficient delivery ecosystem that benefits both consumers and the environment.
Yulu is an Indian electric mobility company specializing in shared electric vehicles (EVs). Founded to promote sustainable transportation, it has rapidly grown its fleet to over 40,000 EVs, achieving significant revenue milestones. With a focus on instant and hyperlocal deliveries, Yulu empowers gig workers while addressing the rising demand for eco-friendly commuting solutions across urban landscapes.
