Electric mobility start-up Yulu has raised $93 million in its Series C round, comprising $63 million in equity led by GEF Capital Partners and $30 million in debt, as it looks to quadruple its active fleet to 200,000 electric vehicles over the next two years. The company, which has been EBITDA-positive since April 2025, will deploy the fresh capital primarily towards fleet expansion and infrastructure, said Amit Gupta, co-founder and CEO, Yulu. Yulu also plans to scale Yulu Express, a higher-payload electric scooter for e-commerce logistics, bike taxis and express parcel delivery. “While fleet deployment is central to the expansion, infrastructure remains a key execution challenge. It’s actually our ability to add infrastructure,” Gupta said, pointing to difficulties around securing suitable real estate, power connections and certifications.