EV Startup 'Yulu' marks Milestone: Surpasses $30 million in Annual Revenue
An inventive Electric mobility startup, Yulu has attained a notable milestone by transforming a profit on its EBITDA & exceeding $30 million in annual revenue rate. This success has been driven primarily by the increasing demand for speedy food delivery services and commerce and also desirable governmental regulations that propels the utilization of EVs – Electric vehicles.
The income and user base of Yulu have surge by stunning seven times in the past 24 months, making the startup’s position strong in the market and turn as a key market player in the increasingly growing electric vehicle sector of India.
As part of its strong expansion strategy, the startup Yulu targets to roll out one million electric vehicles by the year 2025, expanding its market share in key cities such as Bangalore, Delhi, and Mumbai. To nurture this development, the startup also planning to raise $100 million in Series C capital over the upcoming 12 months.
Expressing to this ambitious goals, Amit Gupta, Co-Founder and CEO of Yulu says “Our growth has come from quick commerce, where we see a lot of users now getting their products rapidly. Platforms like Blinkit and Zepto are driving this sector, and Yulu is providing the most affordable and efficient mobility choice for gig workers delivering on these platforms”.
According to Gupta, "between 35 and 40 percent of deliveries from dark retailers in these cities are made on Yulu bikes." With the increasing demand for hyper local deliveries, Yulu is in a good position to expand its market share.
Further Gupta added, “We see the IPO as an exit opportunity for our current shareholders”.
