Bengaluru-based electric mobility company Yulu has raised USD 93 million (mn) in a Series C funding round comprising USD 63 million (mn) in equity and USD 30 million (mn) in debt, with the equity component led by GEF Capital Partners. The company said the financing will support an acceleration of fleet growth and new service launches. The round combines debt and equity to balance capital efficiency and operational scaling. Yulu plans to expand its electric vehicle fleet to 200,000 vehicles over the next two years and to enter additional hyperlocal mobility use cases. The firm intends to introduce a full-sized, higher-speed electric scooter called Yulu Express, designed for longer-haul e-commerce deliveries, bike taxis and express parcel services, and about a third of the planned fleet will consist of the new model. The company also sees the capital as support for a potential public market listing. The business operates an electric vehicle ecosystem that includes purpose-built hardware, proprietary technology and energy infrastructure, and has strategic partnerships with Bajaj Auto and Magna International. It currently operates a fleet of around 50,000 vehicles and logs about 1.6 mn zero-emission miles each week while powering more than 750,000 deliveries a day. The mix of owned and partner operations underpins its service footprint. Yulu operates in 12 Indian cities, running its own operations in Bengaluru, Mumbai, Delhi NCR and Hyderabad and partnering with franchisees in eight other markets, with a target of reaching roughly 20 cities within the next year including Chennai and Pune. About 95 per cent of revenue comes from renting electric bikes to gig workers on weekly subscriptions, with the remainder from a station-based rental service in Bengaluru. The company said this is likely to be its final equity fundraising before an eventual public listing, with future fleet expansion to be financed primarily through debt and lease financing, and that it achieved positive earnings before interest, tax, depreciation and amortisation last financial year and expects to move towards profitability before interest and taxes next year.