Amit Gupta Snapshot

Shared electric vehicle mobility company Yulu, founded in 2017, has crossed an annual recurring revenue (ARR) of $30 million and turned Ebitda positive, driven by growing demand from the quick-commerce segment, the firm said on Monday. The Bengaluru-based startup is now planning to deploy 100,000 EVs by 2025.

Yulu has raised over $123 million in equity capital—including $52 million for Yuma—from investors such as Bajaj Auto, Magna International, Blume Ventures, 3one4 Capital, Wavemaker, Incubate Fund, Rocketship.vc, and other institutional and angel investors.

• After leaving InMobi in 2017, Amit Gupta founded Yulu with the goal of alleviating heavy traffic by providing a flexible, affordable, and eco-friendly commuting alternative.
• Based in Bangalore, the company aimed to improve short-distance travel by designing efficient, electric-powered two-wheelers that promote durability and environmental health.
• Amit envisioned Yulu as a vast network of eco-friendly 2-wheelers that could be easily rented through an app, utilizing a pay-per-usage business model powered by IoT technology.