Yulu has become India’s largest EBITDA (earnings before interest, taxes, depreciation and amortization) profitable shared electric mobility company and has crossed US$ 30 million annual recurring revenue (ARR). This milestone has been achieved through Yulu’s strong product-market fit, growing demand for instant commerce and food delivery services, and policy headwinds.
With over 40,000 EVs, Yulu’s revenue and users have grown more than sevenfold (7X) in the last 24 months. Equipped with a scalable growth engine powered by its AI-enabled full-stack EV platform, and backed by Yuma Energy – one of India’s largest battery-swapping networks – Yulu has played a key role in fueling the immense growth of instant commerce . As an integral part of the delivery ecosystem, Yulu has significantly contributed to the Sustainable Development Goals by enabling green delivery to millions of consumers across 11 cities in India.
Amit Gupta, Co-Founder and CEO, Yulu, says, “Yulu is delighted to achieve this EBITDA-positive milestone. As the country’s largest shared electric mobility player, Yulu is a key enabler for the instant delivery revolution. The simplicity and ease of our platform allows gig workers without vehicles to join the delivery workforce, while also addressing the critical supply gap in the accelerated commerce value chain. With the best technology stack in its industry and reliable and purpose-built EVs by Bajaj Auto, Yulu stands out with a unique advantage and unmatched scalability. We are excited about the future and look forward to taking advantage of the vast opportunities in instant and hyperlocal delivery.”
Yulu is now doubling down on its plans 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 love Yulu because it delivers 30-40% savings compared to ICE vehicles. To date, the company has provided better livelihoods to more than 150,000 riders – including women – and their families.
The value proposition of Yulu’s purpose-built EV platform also reduces logistics and manpower costs of delivery companies and enables the company to build deep partnerships with food delivery and instant commerce businesses like Zomato, Zepto, Blinkit, Swiggy and others .
Due to these factors, in the areas served by Yulu, the company has 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 make more than 20 million green deliveries every month.
Despite being in a capital-intensive industry, Yulu has always focused on positive unit economics. To achieve this goal, Yulu has invested in continuous product improvement, and has used data science, AI and machine learning for better monetization and efficiency in operations. This has given Yulu a combination of hardware and technology that has unleashed tremendous efficiencies in its business and allowed it to scale without increasing its fixed costs.
Going forward, Yulu as the industry leader in shared EV mobility will benefit from the growing popularity of instant commerce, a segment that is projected to grow tenfold by 2030. Yulu will also benefit from central and state-level policies to promote transportation electrification and e-commerce. This includes ONDC initiatives, which will open up additional earning opportunities for Yulu riders.
Earlier this year, the company launched the Yulu Business Partner (YBP) initiative, a franchise channel that launched Yulu’s shared leisure and freight mobility services 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 end of the year. With a top-speed of 45 kmph, the EV will cater to additional use cases such as bike taxis, e-commerce deliveries, long-distance food orders and courier services apart from high-payload goods delivery.
