Electric mobility startup Yulu has received Rs 25.7 crore in fresh funding from Magna International, a Canadian auto parts giant. The investment is part of Yulu’s ongoing Series B round and was made by allotting 1,826 Series B3 Compulsory Convertible Preference Shares (CCPS) at a price of Rs 1,41,226.34 per share, as per regulatory filings.
This fresh funding follows a previous Rs 160 crore round of Yulu in February 2025, which also saw participation from Bajaj Auto and Magna. The continuous flow of funds highlights growing investor confidence in Yulu’s vision and performance in India’s electric mobility landscape.
Delivery Market Drives Demand
Yulu is currently witnessing a sharp rise in demand, especially from gig workers and last-mile delivery services. The growth of quick-commerce platforms and hyperlocal delivery apps has played a big role in accelerating the need for electric two-wheelers like those offered by Yulu.
While many still recognize Yulu for its Miracle bikes used in urban transport, the real revenue driver now is the Yulu DeX, designed specifically for delivery executives. This product-market alignment has significantly improved the company’s financial traction, even though operational costs remain high.
Financial Snapshot for FY24
For FY24, Yulu reported a 188% increase in operating revenue, climbing to Rs 119.9 crore. Despite this growth, the company also saw its total losses increase by 51%, reaching Rs 142.8 crore, largely due to infrastructure and operational expansion costs.
Still, the startup maintains a confident outlook, stating that these losses are part of scaling efforts. With growing demand and fresh funds in hand, Yulu plans to double its current fleet and hit 100,000 electric vehicles on the road by the end of this year.
Magna’s Strategic Bet
Magna’s recurring investments reflect the strategic importance it sees in the Indian electric mobility sector. The partnership aims to combine Yulu’s operational strengths with Magna’s global experience in auto manufacturing and technology.
Such alliances are expected to enhance Yulu’s performance, especially in optimizing production, scaling operations, and potentially improving profitability over the long term. The new capital will also help the company expand into more cities and strengthen its service infrastructure.
What is Yulu?
Yulu is a Bengaluru-based electric mobility startup founded to solve urban transportation challenges with eco-friendly two-wheelers. Its services allow users to rent electric bikes for personal commutes or delivery work through a mobile app.
The company operates two main vehicle models: Yulu Miracle, aimed at personal use, and Yulu DeX, targeted at gig economy workers. With partnerships, smart docking stations, and a focus on sustainable transportation, Yulu is now seen as a rising player in India’s EV ecosystem.
