Founded in 2017 as a shared micro-mobility player, Yulu Bikes swiftly pivoted to serve the booming quick-commerce and hyper-local delivery space. Its low-speed electric scooter, the Yulu Dex, now powers the business accounting for approximately 90% of revenues, and helping the company achieve EBITDA profitability and strong unit economics.

The Dex’s user-friendly design capped at 25 km/h and licence-free makes it accessible for gig workers. Seeing rapid demand, Yulu is introducing a more powerful Yulu Express (up to 45 km/h) to align with 10-15 minute delivery expectations in e-commerce.

Yulu’s scale is impressive: the fleet has already reached 45,000+ scooters, with ambitions to expand to 100,000 EVs by 2025. It plans to extend its reach into Tier 2 cities and is currently exploring $75–80 million in fresh funding to fuel this expansion.

Strategic partnerships with Bajaj Auto for manufacturing and Magna International for battery swapping (via the Yuma joint venture) underpin Yulu’s efficient asset-heavy model. While quick commerce in India may face long-term challenges from scaling, competition, and sustainability, Yulu’s early success marked by profitability and innovation positions it uniquely to lead the last-mile mobility segment, especially as EV adoption grows.