Yulu Bags $93M to Scale E-Bike Fleet as India's Quick-Commerce Race Heats Up
Yulu, the Indian electric two-wheeler company best known for its shared bikes, has closed a $93 million funding round as it chases growing demand from the country's quick-commerce sector. Apps promising 10-minute grocery and package delivery have exploded in India, and that boom is turning into a major revenue stream for companies that can supply reliable, low-cost electric vehicles to gig workers and delivery fleets.
With the new capital, Yulu wants to grow its fleet from its current size to roughly 200,000 bikes within two years. The company also plans to introduce faster electric two-wheelers designed specifically for logistics work, moving beyond its original short-hop urban commuter model toward vehicles that can handle the pace and distance demands of delivery riders.
The shift reflects a broader pivot happening across India's shared mobility space: startups that started out serving everyday commuters are increasingly retooling their businesses around the delivery economy, which offers steadier, higher-volume demand than casual riders ever could.