Yulu Raises INR 25.7 Cr from Magna in Series B Round
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Electric mobility startup Yulu has raised INR 25.7 crore in a Series B funding round from Canadian auto parts maker Magna International.
The latest investment was made through the allotment of 1,826 Series B3 Compulsory Convertible Preference Shares (CCPS) at INR 1,41,226.34 each, as per a recent Registrar of Companies filing.
This top-up investment follows Yulu's earlier INR 160 crore fundraise in February 2025, which included participation from Magna and existing investor Bajaj Auto.
The funding arrives at a key moment for the Bengaluru-based company, which is witnessing strong demand for its electric two-wheelers, especially in the last-mile delivery sector. This surge is driven by the rapid growth of quick commerce and hyperlocal delivery services.
Yulu's Yulu Miracle bikes have become a familiar sight, but a major share of its current revenue is now coming from the Yulu DeX model, built for gig workers. This focused product-market fit has boosted the company's financial performance.
In FY24, Yulu reported a 188% increase in operating revenue, reaching INR 119.9 crore. However, rising operational costs led to a 51% jump in total losses, amounting to INR 142.8 crore.
Despite the losses, Yulu remains optimistic and has announced plans to double its fleet size to 100,000 electric vehicles by the end of this year. The new funding is expected to support this expansion.
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