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Yulu Nearly Doubles Revenue to Rs 242 Crore in FY25
Electric two-wheeler company Yulu nearly doubled its revenue to Rs 242 crore in FY25, up from Rs 123 crore in FY24, according to its financial statements sourced from the Registrar of Companies (RoC).
Rental income from electric vehicles formed the largest share of its operating revenue, contributing nearly 85% at Rs 201 crore in FY25. The sale of goods, including electric bikes and accessories, contributed Rs 22.7 crore, while the company earned Rs 13.3 crore from supplying manpower services to clients. The remaining revenue came from franchise operations and delivery services, taking the company’s total operating revenue to Rs 237.5 crore in FY25, compared to Rs 120 crore in FY24.
The company also generated Rs 4.5 crore in FY25 from non-operating income, including interest on fixed deposits, mutual funds, and the sale of scrap, compared to Rs 3 crore in FY24.
Operational costs remained the company’s largest expense, accounting for nearly 43% of total expenditure at Rs 151.6 crore in FY25. These costs included vehicle transportation, repairs and maintenance of plant and machinery, technology and infrastructure expenses, as well as the consumption of spares and batteries. This expense increased by 53% from Rs 99.2 crore in FY24.
Employee benefit expenses stood at Rs 88.5 crore in FY25, up from Rs 82.7 crore in FY24. Overall, the company’s total expenditure rose by 35% to Rs 350.7 crore in FY25, compared to Rs 258.3 crore in FY24.
Amid rising expenses, the company reduced its net loss by 11.8% to Rs 126 crore in FY25, down from Rs 142.8 crore in FY24. On average, the company spent Rs 1.48 to generate every rupee of operating revenue in FY25, an improvement from Rs 2.15 in FY24.
About Yulu
Yulu is one of India’s largest shared electric micro-mobility service providers, focused on reducing urban traffic congestion and air pollution. The company is headquartered in Bengaluru.
Founded in August 2017 by Amit Gupta, RK Misra, Naveen Dachuri, and Hemant Gupta, the company operates in major urban hubs including Bengaluru, Mumbai, Delhi NCR, Gurugram, and Hyderabad. Prior to founding Yulu, Amit Gupta co-founded InMobi, recognized as India’s first tech unicorn..
Yulu partners with Bajaj Auto for vehicle manufacturing and with Magna International for its battery-as-a-service (BaaS) venture, Yuma Energy.
The platform leverages IoT, machine learning, and AI technologies for demand-supply management and real-time ride tracking through the Yulu App.
The company offers last-mile connectivity by renting electric bikes and operating a large EV charging and battery-swapping network. Yulu provides urban Mobility-as-a-Service (MaaS) across Bengaluru, Mumbai, and Delhi-NCR, and has pioneered electric scooters designed specifically for gig-economy delivery workers.
In July 2025, Yulu raised $3 million (Rs 25.7 crore) from Magna International through a Series B3 rights issue. This followed a $19.25 million equity infusion in February 2024 from Bajaj Auto and Magna, as well as a $3 million debt round from Northern Arc Capital in January 2024. Earlier, the company secured $82 million in a Series B round led by Magna in September 2022.
To date, Yulu has raised more than $140 million in total funding.