If you’ve ever been stuck in a traffic jam in Bengaluru, Mumbai, or Delhi (so, basically everyone), you’ve probably wished for a teleportation device. While that’s still a few decades away, Amit Gupta and his team at Yulu have built the next best thing: a fleet of smart, electric, license-free scooters that are redefining how India moves.
From humble beginnings in 2017 to becoming a $210 million-valued mobility powerhouse, Yulu is now the go-to ride for gig workers, eco-warriors, and anyone tired of honking at red lights.
The Problem: Traffic, Pollution, and the Daily Commute Struggle
India’s urban mobility scene has long been a mess. Between overcrowded buses, overpriced cabs, and roads that double as parking lots, getting from point A to B is often a test of patience and lung capacity.
Amit Gupta, co-founder of InMobi (India’s first profitable unicorn), saw this chaos up close. After years of building ad tech, he decided to tackle something even more complex: urban traffic. And thus, Yulu was born.
The Solution: Small Scooters, Big Impact
Yulu started with bicycles, but quickly pivoted to electric scooters when users said, “Love the vibe, but not the sweat.”
The result? The Yulu Miracle and later, the DeX and DeX GR, India’s first purpose-built EVs for last-mile delivery and short commutes.
These scooters are:
– License-free (yep, no Driving License needed 🪪)
– Eco-friendly (zero emissions, baby ♻️)
– Affordable (pay-per-use model 💰)
– Smart (IoT-enabled, GPS-tracked, app-controlled)
And they’re not just for joyrides. Yulu’s DeX scooters are a lifeline for gig workers, delivery agents for Swiggy, Zomato, Blinkit, and Zepto, who need reliable, low-cost transport.
What Powers Yulu? (Hint: It’s Not Just Batteries)
Yulu’s secret sauce is its tech-first, full-stack approach. From vehicle design to battery swapping, everything is optimized for scale and efficiency.
Key Features:
- Swappable Batteries: Thanks to Yuma Energy (a JV with Magna), users can swap batteries in under a minute.
- IoT & AI: Real-time tracking, predictive maintenance, and route optimization.
- App Experience: Book, unlock, ride, and pay, all via the Yulu app.
And the scooters themselves? Built in partnership with Bajaj Auto, they’re rugged, ergonomic, and designed for Indian roads (read: pothole-proof).
The Business Model: Built for Scale, Not Just Buzz
Yulu operates on a Mobility-as-a-Service (MaaS) model. Think of it as Uber for electric scooters, minus the surge pricing.
Revenue comes from:
– Ride fares (pay-per-use)
– Subscriptions (for gig workers)
– Franchise partnerships (like the recent launch in Chandigarh Tricity)
– B2B logistics (partnering with delivery platforms)
And it’s working. In FY24, Yulu’s revenue jumped 2.6x to ₹122.7 Cr. While losses also rose to ₹142.8 Cr, the company turned EBITDA positive in parts of FY25 and expects full profitability by FY26.
Funding the Future: $124 Million and Counting
Yulu has raised over $124 million across 10 rounds, with big names like:
- Bajaj Auto
- Magna International
- Northern Arc Capital
- DFC (U.S. International Development Finance Corporation)
In February 2024, Yulu raised $19.25 million in equity from Bajaj and Magna to fuel its expansion and tech innovation. A $100 million Series C is also in the works.
The Impact: Not Just a Business, But a Movement
Yulu isn’t just about scooters, it’s about changing how India moves.
– 30,000+ EVs on the road
– 450 million+ green kilometers ridden
– 80 million+ green deliveries
– 20 million+ kg of CO2 emissions avoided
– 4 million+ users served
And during the COVID-19 lockdown, Yulu bikes were among the only vehicles on the road, delivering essentials when everything else stopped.
Meet the Team: The Brains Behind the Bikes
🚀 Amit Gupta – Co-founder & CEO
– IIT Kanpur alum, Harvard Business School grad
– Co-founded InMobi, India’s first unicorn
– Passionate about solving real-world problems with tech
🧠 Naveen Dachuri – Co-founder & CTO
– Ex-Ascent Consulting, data analytics wizard
– Built Yulu’s IoT and AI backbone
🌐 RK Misra – Co-founder & President, Ecosystem Partnerships
– Serial entrepreneur and public policy expert
– Founded Tenet Technologies and Traveljini
💼 Anuj Tewari – CFO (now part of the founding team)
– Ex-Morgan Stanley, finance and ops guru
Together, they’ve built a company that’s not just profitable, but purposeful.
Expansion Plans: From Metros to Tier-2 Towns
Yulu is currently live in Bengaluru, Mumbai, Delhi, Gurugram, Navi Mumbai, and now Zirakpur (Chandigarh Tricity) via its franchise-led model.
Next up:
– 100,000 EVs on the road by 2025
– Expansion to 7 more cities, including Tier-2 and Tier-3 towns
– Deeper integration with public transport systems
Because why should only metro folks get to ride clean?
Challenges? Oh, Plenty.
Yulu’s journey hasn’t been all smooth rides. The team has faced:
- Mindset barriers: Convincing people to ditch petrol for electric
- Policy gaps: Navigating India’s evolving EV regulations
- Infrastructure issues: Building charging and parking networks from scratch
- Auto-rickshaw backlash: Some drivers saw Yulu as competition
But with grit, partnerships, and a whole lot of hustle, Yulu has stayed the course.
🏆 Awards & Recognition
Yulu’s trophy shelf is stacked:
🏅 Startup Awards 2021 – Best Smart City Solution
🏆 Entrepreneur India 2019 – Emerging Startup of the Year
🧠 Cypher Data Science Awards – Best AI in Mobility
🆒 Business Today – Coolest Startup of the Year
And they’re just getting started.
💬 Final Thoughts: Peddling the Change, Literally
Yulu isn’t just a startup, it’s a movement on two wheels. It’s about reclaiming our cities from traffic, pollution, and chaos. It’s about giving gig workers better tools, giving users better rides, and giving the planet a fighting chance.
As Amit Gupta says, “We don’t play to participate. We play to win.”
And if the road ahead is electric, Yulu’s already in the fast lane. ⚡
