Yulu

Yulu is India’s leading shared electric mobility platform, specializing in sustainable, technology-driven transportation solutions for urban environments. Yulu’s core offering is a fleet of over 45,000 dockless, low-speed electric two-wheelers designed for both last-mile personal commuting and goods delivery. operates across major cities including Bengaluru, Mumbai, Delhi NCR, Hyderabad and several others through local partnerships. The company leverages advanced IoT, machine learning and AI technologies for real-time fleet management, demand prediction and operational efficiency, all accessible via a user-friendly mobile app .

Core Products and Services

• Yulu Miracle: Dockless, low-speed electric scooter designed for urban short-distance commutes, capped at 25 km/h for regulatory compliance.

• Yulu DeX: Purpose-built EV for last-mile delivery, catering to gig economy workers and quick commerce platforms.

• Yulu Wynn: Consumer-focused model available for direct purchase, expanding beyond rentals.

• Yuma Energy: Battery-as-a-Service (BaaS) platform enabling over a million battery swaps monthly through a growing network of stations.

• The company’s mobile app integrates vehicle access, payments and real-time fleet tracking, streamlining the user experience.

Business Model & Revenue Streams

• Yulu operates a Mobility-as-a-Service (MaaS) model, generating revenue through pay-per-use rentals, subscription plans, B2B fleet contracts and battery swapping services (via Yuma Energy).
• Revenue mix: While precise segmentation is not publicly disclosed, B2B (delivery and logistics) now constitutes a significant share, with goods mobility usage surging post-pandemic. In FY2023, Yulu reported revenue of ₹42.8 crore (~$5.13 million).
• B2C: Urban commuters seeking affordable, eco-friendly last-mile transport.
• B2B: Delivery personnel and logistics partners (e.g., Zomato, Swiggy, Blinkit) leveraging Yulu DeX for high-utilization, cost-effective delivery.
• The franchise-led “Yulu Business Partner” model allows local entrepreneurs to operate Yulu fleets in new geographies, further diversifying revenue streams.

Top Clients & Partnerships

• Strategic partners: Bajaj Auto (vehicle manufacturing), Magna International (battery-swapping JV) and city metro authorities (infrastructure support).

• Major B2B clients: Zomato, Swiggy, Amazon, Blinkit, Flipkart, Zepto and Shadowfax—each leveraging Yulu’s DeX fleet for last-mile delivery, collectively driving a large portion of B2B revenue.

• Public sector collaborations: Delhi Metro, Bengaluru Metro and Mumbai Metropolitan Region Development Authority for parking and battery infrastructure.

• Diversification: No single client dominates revenue, with Yulu actively expanding into new cities and verticals (e.g., university campuses, real estate partnerships), mitigating concentration risk and supporting scalability.

Future Outlook & Strategic Priorities

• Growth drivers: Expansion into Tier 2/3 cities, scaling the EV fleet and deepening B2B relationships with quick commerce and delivery platforms. The company’s ongoing Series C round targets $100 million to fund these initiatives.

• Innovation pipeline: Lighter, more ergonomic EVs and enhanced technology for fleet optimization and real-time tracking (reflecting recent market trends).

• Risks: Intensifying competition (Ola Electric, Bounce), potential regulatory shifts and the need for continuous capital to scale infrastructure.

• Management targets: Yulu aims for an IPO by FY2026, with a focus on profitability, continued ARR growth and capital allocation toward tech upgrades and network expansion.