- Yulu will more than double its on-ground presence to 100,000 EVs by 2025
- To power this growth, the company will raise US$100 million in Series C funding over the next 12 months
Hyderabad, 7 October 2024 : Yulu has become India’s largest EBITDA (earnings before interest, taxes, depreciation and amortisation) profitable shared electric mobility company and has crossed an Annual Recurring Revenue (ARR) of US$30 million. This milestone has been achieved through Yulu’s strong product-market fit, the surging demand for quick commerce and food delivery services, and policy tailwinds.
With over 40,000 EVs, Yulu’s revenues and users have increased more than seven-fold (7X) over the last 24 months. Armed with a scalable growth engine powered by its AI-enabled full-stack EV platform, and supported by Yuma Energy – one of India’s largest battery-swapping networks – Yulu has been instrumental in fueling the hypergrowth of quick commerce. As an integral part of the delivery ecosystem, Yulu has significantly contributed to Sustainable Development Goals by enabling green deliveries to millions of consumers across 11 cities in India.
Amit Gupta, Co-founder and CEO of Yulu, says, “Yulu is delighted to achieve the EBITDA-positive milestone. As the country’s largest shared electric mobility player, Yulu is a critical enabler for the instant delivery revolution. The simplicity and ease of our platform allow gig workers without vehicles to join the delivery workforce, while also addressing the crucial supply gap in the quick commerce value chain. With its best-in-industry technology stack and reliable and purpose-built EVs by Bajaj Auto, Yulu stands out with a unique advantage and unmatched scalability. We’re excited about the future and look forward to seizing the vast opportunities in instant and hyperlocal deliveries.”
Yulu is now doubling down on its plan to deploy 100,000 EVs by 2025. To finance this expansion, the company will raise US$100 million in Series C debt and equity funding over the next 12 months. As a mobility platform with the largest shared fleet of electric two-wheelers, Yulu has become the vehicle of choice for users. Delivery riders favour Yulu since it unlocks 30-40% higher savings over ICE vehicles. To date, the company has enabled better livelihoods for over 150,000 riders – including women – and their families.
The value proposition of Yulu’s purpose-built EV platform also lowers delivery companies’ logistics and manpower costs and has enabled the company to build deep partnerships with food delivery and quick commerce businesses like Zomato, Zepto, Blinkit, Swiggy, and others. Owing to these factors, in areas served by Yulu, the company has a nearly 100% coverage of dark stores. Yulu’s EVs comprise 35% (in some cases, up to 80%) of all vehicles at the store level. Its strong market presence enables Yulu to power over 20 million green deliveries every month.
Despite being in a capital-intensive industry, Yulu has always focused on positive unit economics. Towards this goal, Yulu has invested in continuous product improvement, and used data science, AI & machine learning for better monetisation and efficiency in operations. This has given Yulu a combination of hardware and technology that has unlocked tremendous efficiencies across its business and allowed it to scale without increasing its fixed costs.
Going ahead, Yulu as the industry leader in shared EV mobility will benefit from the surging popularity of quick commerce, a segment that’s forecast to grow ten-fold by 2030. Yulu will also benefit from Central and State-level policies to boost transport electrification and e-commerce. This includes the ONDC initiative, which will unlock additional earning opportunities for Yulu riders.
Earlier this year, the company rolled out the Yulu Business Partner (YBP) initiative, a franchise channel that has seen Yulu’s shared leisure and goods mobility services rolling out in non-metro cities like Indore, Kochi, Tirunelveli and Pondicherry.
Yulu also plans to cater to more use cases within mobility by launching a mid-speed electric two-wheeler, which will be unveiled before the year-end. With a top-speed of 45 kmph, the EV will cater to additional use cases like bike taxis, e-commerce deliveries, long-distance food orders, and courier services, besides higher-payload goods deliveries.
About Yulu : Yulu is India’s largest shared electric mobility company. It was founded in 2017 by seasoned and serial entrepreneurs with the mission to make urban commuting clean, inclusive, and sustainable. Backed by marquee financial as well as strategic investors, Yulu provides urban Mobility-as-a-Service (MaaS) in 11 cities, including Bengaluru, Mumbai, Navi Mumbai, Delhi, Gurugram, Noida and Hyderabad. As a pioneer in EV space, Yulu has influenced several policies aimed toward electric mobility, and has created a platform for sustainable last-mile mobility and generated several livelihood opportunities. Riders using Yulu have travelled more than 700 million km and helped save over 27 million kg of CO2 emissions to date.
