India’s electric mobility startup Yulu reported strong revenue growth in FY25, nearly doubling its earnings compared to the previous year. According to financial statements filed with the Registrar of Companies (RoC), the company’s revenue increased to ₹242 crore in FY25, up from ₹123 crore in FY24.
The growth reflects rising demand for shared electric mobility services in major Indian cities.
Rental Income Drives Majority of Revenue
Yulu’s business model is largely driven by rental income from its electric two-wheelers.
In FY25, vehicle rentals generated about ₹201 crore, which accounted for nearly 85% of the company’s operating revenue.
Apart from rental services, the company also generated income from several other sources:
- Sale of goods: ₹22.7 crore
- Manpower services: ₹13.3 crore
- Franchise operations and delivery services: Additional revenue streams
Together, these sources helped the company achieve total operating revenue of ₹237.5 crore in FY25.
Operational Costs Continue to Rise
While revenue increased significantly, the company’s expenses also rose during the financial year.
Operational costs remained the largest component of Yulu’s spending. These expenses reached ₹151.6 crore, accounting for nearly 43% of the total expenditure.
The operational costs mainly included:
- Vehicle transportation expenses
- Repairs and maintenance of EV fleets
- Technology and infrastructure costs
- Spare parts and battery consumption
Overall, total expenditure increased by 35%, reaching ₹350.7 crore in FY25, compared with ₹258.3 crore in FY24.
Net Loss Narrows Despite Higher Spending
Despite rising operational expenses, Yulu managed to reduce its overall losses.
The company’s net loss declined by 11.8%, falling to ₹126 crore in FY25 from ₹142.8 crore in FY24.
However, the company still spends more than it earns. On average, Yulu spent ₹1.48 to generate every ₹1 of operating revenue during the financial year.
Yulu’s Role in Urban Electric Mobility
Yulu is currently one of India’s leading shared electric micro-mobility platforms. The company focuses on solving two major urban challenges: traffic congestion and air pollution.
Headquartered in Bengaluru, Yulu operates in several major cities including:
- Bengaluru
- Mumbai
- Delhi NCR
- Gurugram
- Hyderabad
The company offers last-mile connectivity solutions by allowing users to rent electric bikes through the Yulu mobile app.
Technology Behind the Yulu Platform
Yulu uses advanced technologies such as:
- Internet of Things (IoT)
- Machine learning
- Artificial intelligence
These technologies help manage demand-supply balance, monitor vehicles in real time, and improve ride availability for users.
The platform also operates a growing EV charging and battery-swapping infrastructure, making electric mobility more convenient for users.
Supporting the Gig Economy
Yulu has also developed electric scooters designed specifically for gig-economy delivery workers.
These vehicles are widely used by delivery partners working with food delivery and e-commerce platforms.
By offering affordable electric mobility solutions, the company aims to support both urban commuters and gig workers.
Conclusion
Yulu’s strong revenue growth in FY25 highlights the increasing adoption of electric micro-mobility services in India’s urban markets.
Although the company continues to face operational costs, its improving financial performance and expanding EV infrastructure indicate long-term growth potential.
As demand for sustainable transport rises, shared electric mobility platforms like Yulu could play a key role in shaping the future of urban transportation in India.
