Electric mobility startup Yulu is laying the groundwork for a mainboard IPO as it targets annual revenue of ₹1,200-1,500 crore, according to co-founder and CEO Amit Gupta.
The company has raised $93 million in its latest Series C round, comprising $63 million in equity and $30 million in debt. The fresh capital will support Yulu’s next phase of expansion, including plans to increase its EV fleet to around 200,000 vehicles within two years and expand its presence from 12 to 20 cities.
Yulu is also targeting PAT profitability next year, a key milestone before moving towards a public-market listing.
The company currently focuses heavily on electric mobility for quick-commerce and delivery services, while also expanding into areas such as intra-city logistics and bike-taxi services where permitted.
The IPO plan signals Yulu’s ambition to move from a rapidly scaling EV mobility startup towards a public-market-ready company, with profitability and revenue scale emerging as key milestones.
