Yulu reaches Ebitda profitability, looks to scale up delivery market in India

Yulu, one of India’s leading shared electric mobility companies, has reached Ebitda (earnings before interest, taxes, depreciation, and amortisation) profitability and crossed an annual recurring revenue (ARR) of $30 million. This growth is attributed to the company’s product-market fit, the rising demand for quick commerce and food delivery services, and supportive government policies.

With a fleet of over 40,000 electric vehicles, Yulu has seen a seven-fold increase in both revenue and users over the past two years. Supported by its AI-driven full-stack EV platform and Yuma Energy, one of India’s largest battery-swapping networks, Yulu has played a key role in the expansion of quick commerce. Operating across 11 cities, the company has also contributed to sustainable delivery solutions by facilitating eco-friendly deliveries to millions of consumers.

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 one lakh 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.

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. 

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.

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