Yulu Cuts Its FY25 Loss By 12% To INR 126 Cr, Revenue Doubles YoY

Electric mobility service provider Yulu cut its FY25 loss by 12% to INR 126 Cr from INR 142.8 Cr loss incurred in the previous fiscal year on the back of a robust uptick in its top line.

The Bengaluru-based soonicorn clocked an operating revenue of INR 237.4 Cr in the fiscal year, up 98% from INR 119.9 Cr in the previous year. Including other income of INR 4.5 Cr, the total revenue of the startup stood at INR 241.9 Cr. 

The startup generated a major chunk of its revenue from its shared electric micro-mobility service, which sees it offer in-demand last mile electric bikes to commuters in metros and rental services to the gig economy such as delivery executives and professional services personnel.

The revenue contribution from these services for FY25 stood at INR  214.7 Cr, making up more than 90% of the operating revenues. Meanwhile, Yulu also began selling its escooters directly to customers in 2023, launching Yulu Wynn to enter this segment. In FY25, sales of Yulu Wynn raked in a total of INR 22.7 Cr.

Founded in 2017 by Amit Gupta, Anuj Tewari, Hemant Gupta, Naveen Dachuri and RK Misra, Yulu initially started as a shared mobility service provider for commuters predominantly targeting  the metro cities of India. 

Users can download the Yulu app and locate the nearest Yulu bike using the application’s navigation feature. Also, one can locate the nearest Yulu zone and access the EV bikes upon scanning a QR code. 

During Covid 19, the startup had a drop in demand in its B2C businesses and was forced to pivot its offering to rental services to the gig economy to keep itself afloat. For its rental business, Yulu follows a subscription-based revenue model. Apart from that, the startup also manufactures its own EV bikes. 

The startup has raised $135.1 Mn since its inception and is backed by the likes of Bajaj Auto, Northern Arc and US International Development Finance Corp. among others. 

Breaking Down Yulu’s Expenses In FY25

The Bajaj Auto-backed startup saw an increase of 36% in its total expenditure to INR 350.6 Cr in FY25 from INR 258.3 Cr in the previous year. 

Cost Of Material Consumed: The cost under this head increased 53% to INR 151.6 Cr in the year under review from INR 99.2 Cr in FY24. 

Employee Benefits Expenses: The startup expenses related to employee benefits marginally increased by 7% to INR 88.4 Cr in from INR 82.7 Cr in FY24. 

Depreciation, Depletion & Amortisation Cost: Cost under this head saw a sharp jump of 73% to INR 66 Cr in FY25 from INR 38.2 Cr in FY24.