Electric mobility startup Yulu has delivered a strong performance in the fiscal year ended March 2025, nearly doubling its revenue to Rs 237.4 crore while reducing losses by 12% to Rs 126 crore. The Bengaluru-based company, known for last-mile connectivity through electric bike rentals and an extensive EV charging and battery-swapping network, continues to strengthen its position in India’s urban Mobility-as-a-Service (MaaS) ecosystem across Bengaluru, Mumbai, and Delhi-NCR.

Rental income from electric vehicles remained Yulu’s primary revenue driver, contributing Rs 201 crore, or 85% of total operating revenue. Additional income was generated from EV bike and accessory sales (Rs 22.67 crore), manpower services (Rs 13.24 crore), and franchise and delivery operations, bringing total revenue to Rs 241.9 crore including interest and dividends.

Despite a rise in expenses, including material costs, depreciation, and overheads, Yulu’s EBITDA margin improved to –15.29%, a marked improvement from –80.11% in FY24. On a unit basis, the company spent Rs 1.48 to earn a rupee of revenue, highlighting growing operational efficiency.

Backed by Bajaj Auto and Magna, and having raised over $140 million, Yulu is well-positioned to scale its EV network, drive sustainable urban mobility, and capitalize on India’s fast-growing electric mobility market.